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Transport Ministry of India initiative for Eco-Friendly transportation in the country likely to save Rs 60,000 cr. of fuel

BK Modi, an Indian-born but Singapore-based entrepreneur has offered two electrical buses to the government of India to initiate the implementation of eco-friendly transportation in the country

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Eco-friendly transportation. Image source: Pixabay
  • The government to analyse various measures for the implementation of FAME
  • BK Modi has offered two electrical buses to the government for the same
  • This initiative will lead to the saving of 60,000 crores of fuel that will benefit transport industry 

Sept 10, 2016: The Transport Ministry of India is undergoing a rigorous exercise of analysis to find the most appropriate ways for the implementation of a policy called FAME (Faster Adoption and Manufacturing of Hybrid and Electrical Vehicles).

The introduction of electrical and hybrid vehicles in India will bring about various changes in the economy as well as in the environment. According to Anant Geete, the Heavy Industry Minister, the functioning of electrical vehicles will save an amount of 60,000 crores in the fuel and also in the vehicle industry, reported The Hindu.

To make sure that the government reaches a point where it gets ready for a practical implementation of this policy, an amount of 14,000 crores is being allocated for this project. The implementation of this initiative will also lead to a tremendous amount of reduction in the pollution caused by the running of petroleum or diesel vehicles.

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B K Modi, the chairman of Smart Group is an India-born but Singapore-based entrepreneur. His company deals in areas of health, finance, and mobility. In a recent interview, he mentioned about his various tie-ups and plans regarding the introduction of eco-friendly vehicles in India. He said, that he has signed an agreement with the BY Danto industry based in South California for the same, quoted businessworld.in.

His company is focusing on the public vehicles initially as this will lead to the testing of this policy in an effective manner. For this, he has also offered two electrical buses to the government for the purpose of having a round of trial but is yet to get a solid reply from the government of India, reported The Hindu.images Nitin Gadkari, the Minister of Transportation, in an event, when questioned about this policy, gave a critical reply.

He said that for the implementation of this policy the government will have to look into various sectors like the roads, public and private vehicle mobility, road map safety, etc.“We are seriously studying the implementation of this policy and will soon approach the cabinet for this” the Minister said.

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Agreeably, the introduction of eco-friendly vehicles in India will lead to a chain of benefits in the economy as well as the environment but also lies with it the greatest matter of concern that is the question of whether our country and our government is actually ready for the successful implementation of it, mentioned The Hindu.

The Nitin Gadkari-led ministry soon needs to find out methods for the implementation of the initiative and let the entire nation drive in a state of developed eco- friendly transportation system. A solid transport budget with the specific amount of money allocation, along with the measurements regarding the various facilities required for the functioning of electrical buses will work well in a country when it is likely to benefit all.

– prepared by Ayushi Gaur of Newsgram

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Know About the Concern Over Fluctuating Oil Prices due to Coronavirus Outbreak

Global Stock Markets Plummet on Oil Price Drop, Coronavirus Fears

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Oil prices
Stock markets plummeted across the world, plunging on dual concerns over oil prices and the economic effects of the coronavirus. Pixabay

By Ken Bredemeier

Stock markets plummeted across the world Monday, plunging on dual concerns over oil prices and the economic effects of the coronavirus that has spread to more than 100 countries. This is a breaking news.

Key exchanges in New York fell more than 7% Monday, following a 5% drop in some Asian markets, while European markets closed down about 8%.

The widely watched Dow Jones Industrial Average of 30 key U.S. stocks closed down more than 2,000 points Monday for a loss of 7.9% while the S&P 500 fell 7.6%.

The steep decline at the New York Stock Exchange triggered an automatic 15-minute halt in trading to temporarily limit losses to 7%, a provision last employed in December 2008 in the depths of the recession.

Investors were spooked by plunging oil prices, with Brent crude, the world benchmark, falling more than 24% to $34.36 a barrel, on top of the coronavirus fears sweeping the globe. U.S. oil prices for West Texas Intermediate, a Texas light sweet crude, dropped nearly 25% to $31.13 a barrel.

The world prices of oil fell on fears that Saudi Arabia, launching a price war with one-time ally Russia, would flood the world market with oil in a bid to regain market share.

The plunge in oil prices was the worst since the Gulf War in 1991. Strategists at Goldman Sachs Group Inc. warned oil prices could fall into the $20s.

Oil prices
U.S. oil prices for West Texas Intermediate, a Texas light sweet crude, dropped nearly 25% to $31.13 a barrel. Pixabay

Volatility has consumed markets around the world amid the coronavirus outbreak that has infected more than 108,000 people and killed more than 3,800 people. At least 10 billion shares have traded on U.S. exchanges each day for two weeks.

U.S. stocks are now down 19% from a peak they reached last month.

U.S. President Donald Trump offered his rosy assessment of the stock market plunge and dropping oil prices, saying on Twitter, “Good for the consumer, gasoline prices coming down!”

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More broadly, he laid the blame for falling stock prices: “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” (VOA)