Budget 2021 includes several initiatives to promote science, technology, and innovation with applications in the country. It is a forward-looking budget to substantially boost support for R&D in the key identified areas of national priorities. These are also in line with the projections in the draft Science Technology and Innovation Policy 2021 put up for public consultations. This includes a total allocation of Rs 50,000 crore (€5.9 billion) over 5 years for the National Research Foundation, an autonomous body envisaged to support researchers working across several streams of S&T with special focus on universities.

The Union Cabinet, chaired by the Prime Minister, apprised of the signing of MoU between India and French Republic in the field of renewable energy cooperation.  The MoU was signed in January 2021. The objective of the MoU is to establish the basis for promotion of bilateral cooperation in the field of new and renewable energy based on mutual benefit, equality and reciprocity.  It covers technologies relating to solar, wind, hydrogen, and biomass energy.

India’s transition to EVs has advanced rapidly in the past few years. A supportive policy environment, improving economics, and emerging business models have poised the EV market for significant growth in the coming decade.  Key barriers related to EV adoption—including technology cost, infrastructure availability, and consumer behavior—must be overcome.

NITI Aayog and Rocky Mountain Institute has come out with a report titled “Mobilising Finance for EVs in India”: A Toolkit of Solutions to Mitigate Risks and Address Market Barriers” which identified solutions to direct capital and financing to aid in India’s EV transition.