In 5 years, India will be the world's largest electric vehicle manufacturing centre: Nitin Gadkari
Union Minister Nitin Gadkari has said that in the coming five years, India will be the world's largest centre for electric vehicle manufacturing, reports Zee Business' Sameer Dixit.
Union Minister Nitin Gadkari has said that in the coming five years, India will be the world's largest centre for electric vehicle manufacturing, reports Zee Business' Sameer Dixit. Nitin Gadkari was speaking at 'India's Electric Vehicle Roadmap Post Covid-19' webinar that was held today. Gadkari said that the government has given various reliefs to the electric vehicle manufacturers that includes the recent cut in the Goods and Services Tax (GST) from 12 per cent to 5 per cent to boost the segment.
Nitin Gadkari, Union Minister for Road Transport & Highways, Minister of Shipping and the Minister of Micro, Small and Medium Enterprises said that the government is quite optimistic about a quick recovery by the electric vehicle manufacturing segment post-COVID-19 lockdown. Gadkari also said that relief like the lowering of GST, will play its role in helping the growth of electric vehicle manufacturing in India. He said that the government's pro-active approach for the EV manufacturers is helping new entrepreneurs to foray into EV manufacturing.
See Zee Business Live TV streaming below:
All of this will help, Gadkari said, in India becoming the world's largest electric vehicle manufacturing centre in next five years.
Gadkari added that with the focus of the nation drifting towards ‘atmanirbhar’ (self-reliance) in the wake of the COVID-19 pandemic, large-scale import substitution in the EV space can pick up if there’s enough local demand to justify localisation. As far as boosters are concerned, there is no shortage. Some state governments are also giving relief to the electric vehicle manufacturers and owners. Recently, the Uttar Pradesh Cabinet has approved road tax relief to manufacturers of electric vehicles. Now, there will be 100 per cent exemption in road tax on the first one lakh two-wheeler electric vehicles to be manufactured and 75 per cent exemption for four-wheelers in the state.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.