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With reference to a report 'Mobilising Electric Vehicle Financing in India', consider the following statements:
1. It highlights the role of finance in India's transition to electric vehicles (EVs)
2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to a report Mobilising Electric Vehicle Financing in In...
NITI Aayog and Rocky Mountain Institute (RMI) India released a new report 'Mobilising Electric Vehicle Financing in India'.
- It highlights the role of finance in the India's transition to electric vehicles (EVs) and analyses that the transition will require a cumulative capital investment of USD 266 billion (Rs 19.7 lakh crore) in EVs, charging infrastructure, and batteries over the next decade.
- The report also identifies a market size of USD 50 billion (Rs 3.7 lakh crore) for the financing of EVs in 2030—about 80% of the current size of India's retail vehicle finance industry, worth USD 60 billion (Rs 4.5 lakh crore) today.
- End-users currently face several challenges, such as high interest rates, high insurance rates, and low loan-to-value ratios.
- To address these challenges, NITI Aayog and RMI have identified a toolkit of 10 solutions that financial institutions such as banks and non-banking financial companies (NBFCs), as well as the industry and government can adopt in catalysing the required capital.
Most Upvoted Answer
With reference to a report Mobilising Electric Vehicle Financing in In...
The correct answer is option 'C', i.e., both statements 1 and 2 are correct.
Explanation:
1. Role of Finance in India's transition to electric vehicles:
The report titled "Mobilising Electric Vehicle Financing in India" highlights the significant role of finance in India's transition to electric vehicles (EVs). It emphasizes the need for adequate financing mechanisms to support the widespread adoption of EVs in the country. The transition to EVs requires substantial investments in manufacturing, charging infrastructure, research and development, and consumer awareness campaigns. Therefore, the report emphasizes the importance of mobilizing finance to facilitate this transition.
2. Market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030:
The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030. This estimation takes into account the financing required for various aspects of the EV ecosystem, including vehicle manufacturing, charging infrastructure, and battery production. The market size represents the potential investment opportunity in the EV sector in India. It indicates the scale of financing required to achieve the government's target of 30% electric vehicle penetration by 2030.
Overall, the report emphasizes the critical role of finance in supporting India's transition to electric vehicles and estimates the market size for financing EVs in 2030 to be USD 50 billion (Rs 3.7 lakh crore). The identification of this market size underscores the need for significant investments and funding in the EV sector to facilitate its growth and development in the country.
Explanation:
1. Role of Finance in India's transition to electric vehicles:
The report titled "Mobilising Electric Vehicle Financing in India" highlights the significant role of finance in India's transition to electric vehicles (EVs). It emphasizes the need for adequate financing mechanisms to support the widespread adoption of EVs in the country. The transition to EVs requires substantial investments in manufacturing, charging infrastructure, research and development, and consumer awareness campaigns. Therefore, the report emphasizes the importance of mobilizing finance to facilitate this transition.
2. Market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030:
The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030. This estimation takes into account the financing required for various aspects of the EV ecosystem, including vehicle manufacturing, charging infrastructure, and battery production. The market size represents the potential investment opportunity in the EV sector in India. It indicates the scale of financing required to achieve the government's target of 30% electric vehicle penetration by 2030.
Overall, the report emphasizes the critical role of finance in supporting India's transition to electric vehicles and estimates the market size for financing EVs in 2030 to be USD 50 billion (Rs 3.7 lakh crore). The identification of this market size underscores the need for significant investments and funding in the EV sector to facilitate its growth and development in the country.
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With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to a report Mobilising Electric Vehicle Financing in India, consider the following statements:1. It highlights the role of finance in Indias transition to electric vehicles (EVs)2. The report identifies a market size of USD 50 billion (Rs 3.7 lakh crore) to finance EVs in 2030.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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