India Could See A Large-Scale Shift Towards Electric Three-Wheelers, Says M&M
Mahindra & Mahindra Ltd. said India could see a large-scale shift towards electric three-wheelers because of the government's push to promote the battery-powered transport.
There's a gradual but dramatic shift of market volumes towards electric three-wheelers from their counterparts with internal combustion engines, Group Chief Financial Officer VS Parthasarathy told BloombergQuint during an interview. “We have an opportunity in India to do in three-wheelers what China has done in two-wheelers.”
India targets to turn at least 30 percent of vehicles electric by 2030 as it aims to cut reliance on fossil fuel and curb pollution. Budget 2019 allowed a deduction of interest of up to Rs 1.5 lakh on a loan taken to buy an electric vehicle between April 1, 2019 and March 31, 2023. The GST Council lowered rates on all electric vehicles from 12 percent to 5 percent and the rate on charging stations was reduced from 18 percent to 5 percent.
“The government's recent move to cut goods and services tax rates on electric vehicles will aid sales and give the required push for adoption of the technology,” Parthasarathy said.
Watch the full interaction here:
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
