Piyush Goyal says India will emerge as 'Vishwa Shakti' in EVs with new policy
Piyush Goyal on Friday exuded confidence that the country will emerge as a 'Vishwa Shakti' (global power) in electric vehicles with the introduction of the newly unveiled policy. Tatas, Mahindras or «anybody from the world» can now come to India and create an ecosystem aligned to the EV sector, Goyal told reporters here.
The EV policy, which promises duty concessions for EV makers investing a minimum of USD 500 million, is reportedly aimed at attracting leading EV makers to set up a base in the country.
«We are now inviting companies from the world over to come to India, the production of EVs should expand in India at a quick pace and we should emerge as a Vishwa Shakti (global power),» Goyal said, speaking on the decision announced a few hours earlier from the national capital.
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India will also be able to export the EVs manufactured in the country and the overall turnover from the activity can breach «lakhs of crore», the minister said.
The EV ecosystem creation includes many facets like focusing on parts, design, auto components etc, Goyal said, adding that it can create employment for lakhs of Indians.
He said the Indian consumer will be a big beneficiary of such a move, because she will be able to get best of the vehicles for cheap.
The policy will also help save forex as the imports go down, which will lead to a slew of advantages, including lower inflation and softer interest rates, Goyal said.
Goyal, who has
