No More Subsidies: Gadkari Confirms Shift to Self-Sustained Electric Vehicle Market

Union Minister Nitin Gadkari announced at the BNEF Summit that subsidies for electric vehicles are no longer necessary as consumer demand has driven down production costs. With GST on EVs being lower than on petrol and diesel vehicles, the market is shifting towards self-sustainability. The government is also expected to finalize FAME 3 to aid the transition.

Union Minister Nitin Gadkari on Thursday confirmed that the electric vehicle (EV) market no longer requires government subsidies as consumer demand has lowered production costs.

Speaking at the BNEF Summit, Gadkari noted that the Goods and Services Tax (GST) on electric vehicles is significantly lower compared to petrol and diesel vehicles, further encouraging the shift toward eco-friendly options.

The government is preparing to roll out the third phase of its flagship electric mobility scheme FAME, aimed at smoother adoption of EVs across the nation.

(With inputs from agencies.)