{"id":1285022,"date":"2024-09-07T11:28:18","date_gmt":"2024-09-07T05:58:18","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1285022"},"modified":"2024-09-07T11:28:39","modified_gmt":"2024-09-07T05:58:39","slug":"transport-minister-declares-evs-no-longer-need-subsidies-due-to-heavy-demand","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/transport-minister-declares-evs-no-longer-need-subsidies-due-to-heavy-demand\/","title":{"rendered":"Transport Minister Declares EVs No Longer Need Subsidies Due To Heavy Demand"},"content":{"rendered":"\n

Union Road Transport and Highways Minister Nitin Gadkari has declared<\/a> that the government no longer needs to subsidize India\u2019s electric vehicle (EV) market. Speaking at the Bloomberg NEF summit in New Delhi, Gadkari pointed out that growing demand and reduced manufacturing costs have made subsidies unnecessary.<\/p>\n\n\n\n

\"Transport<\/figure>\n\n\n\n

Growth in Demand and Lower Costs<\/h3>\n\n\n\n

Gadkari explained that while the initial costs of electric vehicles were high, increased demand has driven down production expenses. He emphasized that existing benefits, such as a 5% GST on EVs, already offer enough support to make them competitive with petrol and diesel vehicles. \u201cThe ask for subsidies isn’t justified anymore,\u201d Gadkari stated, adding that the sector\u2019s growth is strong without additional financial aid.<\/p>\n\n\n\n

Focus on Expanding EV Use in Public Transport<\/h3>\n\n\n\n

While ruling out additional taxes on petrol and diesel vehicles, Gadkari stressed the importance of increasing EV adoption, especially in public transport. He highlighted the potential of electric buses in reducing India’s dependence on fossil fuels and lowering pollution levels.<\/p>\n\n\n\n

“Electric buses can play a major role in reducing fossil fuel dependence and pollution levels,” Gadkari noted. The government is also planning to introduce inter-city electric buses to further support the shift towards cleaner energy solutions.<\/p>\n\n\n\n

India’s Role in the Global EV Market<\/h3>\n\n\n\n

Gadkari also discussed India\u2019s rise as the third-largest automobile manufacturer globally. He predicted that with increasing domestic EV production and rising demand, India has the potential to become the largest exporter of lithium-ion batteries within the next five years.<\/p>\n\n\n\n

Encouraging Cleaner Vehicles<\/h3>\n\n\n\n

In conclusion, Gadkari reiterated his long-standing commitment to promoting cleaner vehicles in India. He emphasized that the government’s intention is to encourage domestic automobile companies to focus on EV production, not to make their operations more challenging.<\/p>\n\n\n\n

This announcement marks a significant milestone in India’s push towards sustainable transportation, as the country aims to lead the global EV market without reliance on government subsidies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Union Road Transport and Highways Minister Nitin Gadkari has declared that the government no longer needs to subsidize India\u2019s electric vehicle (EV) market. Speaking at the Bloomberg NEF summit in New Delhi, Gadkari pointed out that growing demand and reduced manufacturing costs have made subsidies unnecessary. Growth in Demand and Lower Costs Gadkari explained that […]<\/p>\n","protected":false},"author":30,"featured_media":1285023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[651,5005,4213],"class_list":["post-1285022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-electric-vehicles","tag-evs","tag-nitin-gadkari"],"acf":[],"yoast_head":"\nTransport Minister Declares EVs No Longer Need Subsidies Due To Heavy Demand - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/transport-minister-declares-evs-no-longer-need-subsidies-due-to-heavy-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transport Minister Declares EVs No Longer Need Subsidies Due To Heavy Demand - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Union Road Transport and Highways Minister Nitin Gadkari has declared that the government no longer needs to subsidize India\u2019s electric vehicle (EV) market. 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