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Union Minister Nitin Gadkari says electric vehicle (EV) manufacturers no longer need government subsidies due to growing demand and reduced costs.
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Gadkari highlights favorable taxation, with 5% GST on EVs, and plans to launch inter-city electric buses to reduce fossil fuel dependence.
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He predicts India could become the largest exporter of lithium-ion batteries within five years, promoting cleaner vehicles in the Indian market.
Union Minister Nitin Gadkari has announced that the electric vehicle (EV) market in India no longer requires government subsidies. He cited growing demand and reduced costs in the sector, making further subsidies unnecessary. Gadkari emphasized that initial costs were high, but as demand has increased, production costs have dropped.
Gadkari highlighted the favorable taxation on EVs, with a 5% GST rate, providing a significant advantage over petrol and diesel vehicles. He also discussed plans to launch inter-city electric buses, which would contribute to reducing fossil fuel imports. The minister acknowledged India’s vast fossil fuel economy but believes the shift to electric vehicles will help mitigate its size over time.
Gadkari concluded by reiterating his commitment to promoting cleaner vehicles in the Indian market, predicting that India could become the largest exporter of lithium-ion batteries within five years.
