India’s EV Industry Doesn’t Need More Subsidies: Piyush Goyal

Union commerce minister Piyush Goyal on Friday said that India’s electric vehicle industry doesn’t need more subsidies as it has matured enough.

“Electric mobility of India is ready and set to fly. They don’t need any subsidy in any categories,” the minister said during a media interaction.

He added that the existing subsidies will continue for some more time to help players in the EV segment strengthen their presence. 

It is pertinent to mention that the heavy industries ministry (MHI) notified the INR 10,900 Cr PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme last year. The scheme will continue till March 31, 2026.

Earlier today, Goyal held a meeting with the EV industry stakeholders, including representatives from TVS Motor, Tata Motors, Audi, among others. The meeting was also attended by Bhupathiraju Srinivasa Varma, minister of state in MHI. 

Goyal said that all stakeholders agreed in the meeting that while subsidies were beneficial, they won’t need them further post the end of the current regime. 

The minister said that the Centre is open to suggestions for increasing the adoption of EVs in the country. 

Talking about the achievements of the startup ecosystem ahead of the ninth ‘National Startup Day’, which will be celebrated on January 16, Goyal said Indian startups which began operations in garages are becoming unicorns now.

Goyal said that the increasing participation of women has further helped in the growth of the startup ecosystem. “Almost 43% of startups have a woman founder or a director. Women are pillars of success in the rise of this ecosystem,” he added.

Responding to a question about the steps being taken by the Centre to expedite the process of for startups to shift domicile to India from foreign counties, Goyal said, “It is a welcome sign and satisfactory that so many startups are returning home. We will discuss with the National Startup Advisory Council and take feedback. If any steps are there to simplify their (Indian startups shifting their base to India) journey back home, we are open to the ideas.” 

Speaking about the growing popularity of quick commerce, the minister said that the government is keeping a close watch on these players and they need to follow the law of the land.