Indians bought 21 Cr+ vehicles during Modi govt tenure, EV sales growing rapidly: What President Murmu said

In her first speech to both Houses in the new Parliament building, President Droupadi Murmu shared some insights about India's automobile sector. Highlighting a significant growth in the sales of vehicles, she mentioned that over the past decade, Indians bought more than 21 crore vehicles. This marks a significant increase from the 13 crore purchased in the preceding 10 years before 2014.

President Murmu also shed light on the remarkable surge in electric vehicle (EV) sales in the country. She noted that in the fiscal year 2014-15, only about two thousand electric vehicles were sold. However, by December 2023, a whopping 12 lakh electric vehicles had been sold, showcasing a massive increase in EV adoption. The growth has been possible with the centre’s push towards green mobility with policies such as the FAME subsidies and PLI.


Additionally, President Murmu emphasized the government's commitment to promoting a circular economy. She highlighted the importance of conserving vital minerals by adopting practices like recycling and reusing. “The quantity of important minerals in the earth is limited. That is why my government is encouraging a circular economy. India’s first ‘Vehicle Scrappage Policy’ also seeks to achieve this aim.” she said.

The electric vehicle segment in the country has been expanding rapidly. In the recently concluded fiscal year 2023, EV sales in the country stood at 1.53 million units, an increase of over 50 percent, as against the 1.02 million units sold in the preceding year. With the current FAME-II subsidy set to expire on March 31, 2024, the EV ecosystem is hopeful for an extension of the policy in the interim budget which will be announced tomorrow.

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