‘Many states’ decisions to encourage clean transportation about to be implemented’

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Mint. Bhargava said incentivizing EVs is good, but only incentivizing EVs alone will slow down our “national carbon reduction goals".He added that the dominance of petrol and diesel vehicles has to be reduced in favour of vehicles with alternative fuels which offer lower emissions. He expressed that the Uttar Pradesh government's directive to waive road tax on hybrid cars would negatively impact the sales of petrol and diesel cars.

"I hope there is an adverse impact on petrol and diesel sales. We need to transition to cleaner technologies. As a country we cannot hope to keep selling more polluting cars," he said, emphasizing that taxation policy should be built on the premise of reducing reliance on traditional fuels.

Bhargava also addressed current market conditions, noting that retail sales have been affected by the heatwave in June but are expected to normalize in July. "The heatwave conditions were primarily responsible for the lower retail sales in June. Now that situation has gone, we are in July, and I expect sales to get back to normal," he said.The automotive industry is experiencing increased discounts due to inventory pressure.

"Every company today has increased discounts because of the inventory situation. There is greater supply than demand, and demand and supply determine pricing," Bhargava explained. He mentioned that manufacturers are adjusting production to manage inventory levels, which is a normal business practice.Despite the temporary dip in sales, Bhargava is optimistic about the overall economic environment.

"The economy is continuing to do well. The stock market is in a very bullish phase, which is always good for car sales," he said. Bhargava pointed out that favourable monsoon conditions and