No need to subsidize electric vehicles… Nitin Gadkari said- 'People want it now'

EV subsidy: Union road transport and highways minister Nitin Gadkari said on Thursday that there is no need to continue subsidies to electric vehicle manufacturers. The Union Minister has denied the need to continue the subsidy and now people prefer EV or CNG vehicles. Addressing the BNEF conference, Nitin Gadkari said this. Earlier, the cost of manufacturing electric vehicles was very high, he said. But now the demand has increased and its production cost has decreased. In such a scenario, there is no need to subsidize electric vehicles. Union minister Nitin Gadkari said only 5 percent GST on electric vehicles, 'Nowadays consumers have started buying EV and CNG vehicles according to their choice. I don't think there is a need to subsidize electric vehicles more. He said the Goods and Services Tax (GST) levied on electric vehicles is less than petrol and diesel vehicles. 𝑵𝒆𝒘 𝑫𝒆𝒍𝒉𝒊 | Live from Policy Dialogue at Bloomberg NEF Summit – Opportunities for energy transition created — Nitin Gadkari (@nitin_gadkari) September 5, 2024 Currently, vehicles with hybrid and petrol-diesel engines are subject to 28 percent GST. Whereas only five percent GST is applicable on electric vehicles. The Union Minister said, 'In my opinion, there is no need for the government to provide subsidies for the production of electric vehicles. The subsidy claim is no longer justified. The FAME-3 project is expected to be completed in a couple of months, Nitin Gadkari said at the Bloomberg NEF Summit to make India the world's number one manufacturing hub in the next five years. Heavy Industries Minister HD Kumaraswamy had said a day earlier that the government hopes to complete the third phase of the 'FAME' electric transport implementation scheme in a couple of months. The FAME-3 project, a temporary electric transport promotion scheme, is scheduled to be completed by the month of 2024. Also Read- Tirupati laddu, caught in a taste controversy, will now be made with nandini ghee from Karnataka