Business Today

Gearing Up For An Electric Future

India's automakers will have to make a lot of effort to survive the coming electric vehicle revolution.

Nitin Gadkari, Union Minister for Road Transport and Highways, created a flutter earlier this year when he threatened the domestic automotive industry to start thinking about a future without the internal combustion engine. Speaking at the annual meeting of the Society of Indian Automobile Manufacturers or SIAM, Gadkari was caustic. "We should move towards alternative fuel.. I am going to do this, whether you like it or not. And I am not going to ask you. I will bulldoze it," he said. "You may not like it, but I wish that your growth should be less. If this growth continues, I will have to add one more lane to national highways, which will cost a whopping Rs 80,000 crore. If you do not make electric cars yourself, we will force you to do it."

Gadkari is not alone. Piyush Goyal, the Minister for Railways and Coal, had in March mooted the idea of an all electric fleet by 2030. In May, government think tank National Institution for Transforming India (NITI) Aayog and Colorado based Rocky Mountain Institute released a report that recommended a push to electric vehicles or EVs, with fiscal incentives and discouraging petrol and diesel vehicles.

The sudden urgency within the government whose policies (at least the tax rates) actively discourage the development of a robust EV market has set

You’re reading a preview, subscribe to read more.

More from Business Today

Business Today4 min read
Transforming Spaces
Dinner by the lakeside, or sleep in a royal tent, or how about serene calm nature, or maybe a memory wall… or my favourite, tiny lobsters? What are we talking about? Wallpapers—which over the past few years have entered into a new realm of home desig
Business Today7 min read
Alpha Tale
THE WEALTHY INVESTOR in India has never had it so good. For that, they must thank the robustness and resilience of the country’s financial markets. And their money managers. While not a single portfolio manager catering to the affluent class in India
Business Today2 min readSecurity
Troubleshooting
INDIA IS SEEING A RISE IN CYBERCRIMES AND THE GOVERNMENT IS FOCUSSED ON FIGHTING THIS THREAT. THERE HAS BEEN A SUBSTANTIAL INCREASE IN FUNDING FOR CYBERSECURITY IN THE INTERIM BUDGET 2024, WITH THE FIGURE TOUCHING ₹999 CRORE—NEARLY FIVE TIMES THE BUD

Related Books & Audiobooks