Prime Minister Narendra Modi has assured that internal combustion engine (ICE) based automobiles, as well as electric vehicles (EVs) and components manufacturers, not need to panic. In a media interview, PM Modi said he is confident that there will be a strong surge in the automobile industry and auto demand and will soon signal a possible stimulus package to boost demand, which will take place before the festive season beginning next month.
These days, the auto industry is cutting production because of its slow demand and includes big companies like Maruti Suzuki, Tata Motors and Mahindra & Mahindra. Besides, big companies like Bosch are also forced to cut production due to the slowdown in the industry. Society of Indian Automobile Industry President Rajan Wadhera is also happy with PM Modi's decision and said, "He welcomed the assurance given by PM Modi to the Internal Combustion Engine (ICE) based automobiles as well as electric vehicles (ETs) and components manufacturers. done."
In his statement, Wadhera further said, "It is entirely in line with SIAM's recommendations that all relevant technologies should co-exist in our journey towards sustainable mobility, and therefore call for a long-term roadmap for all futuristic technologies. , that will create confidence for the industry to emerge." Director-General of Automotive Component Manufacturers Association of India (ACMA) Vinny Mehta also welcomed the PM's decision and said, "The PM's assurance has brought happiness to the automobile and components manufacturers."
In addition, he said, "There was a feeling that the government was heading towards fully electric vehicles, while they had set a deadline of 2023 for two-wheelers and by 2025 for three-wheelers. Car companies had made a big investment and the two-wheeler market was 25 million units a year and millions of jobs were at stake. Auto component manufacturers alone have employed more than 5 million people in villages and even in villages all people are visible." According to PM Modi, India has a large adequate and large policy space to ensure the development of Internal Combustion Engines (ICE) based automobiles and electric vehicles (EVs). So there is no need to speculate about the development of either and at the moment we are in a unique situation where both ICE and EV automobiles can coexistence, co-build and learn from each other.
In this case, TVS Motor Chairman Venu Srinivasan said, "The clarification recently by the Prime Minister was that THE ICE and electric vehicles will only be encouraged which is a strong move to encourage investment and employment in the automotive sector. It will reassure millions across the supply chain ranging from components manufacturers across the country to OEMs, dealers, mechanics and allied people. A technology-agnostic approach that encourages all options is very important for a developing country like India that is dependent on fossil-based sources for most of its power. With some other measures announced towards rising liquidity, the explanation is clear that India remained one of the world's leading investment destinations. It will also help Indian companies to be globally competitive. This approach will further strengthen the prime ministers' visionary Make in India programme."