Union Commerce Minister Piyush Goyal has advocated the use of plug-in hybrid vehicles as a means to curb India's fuel import dependence, echoing Prime Minister Narendra Modi's recent appeal for prudent fuel use and reduced reliance on imports amid rising global uncertainty.
Speaking at the CII Summit in New Delhi, Goyal said hybrid vehicles could help cut petrol and diesel consumption "massively" while also lowering the country's import bill for batteries.
He argued that small collective efforts to save fuel and reduce waste could have "transformational results" for the economy.
Defending the prime minister's recent remarks on curbing unnecessary consumption, Goyal said the appeal was aimed at reducing wasteful spending and improving sustainability, not discouraging business activity or overseas travel for trade and investment.
He said India needed to become more conscious about fuel efficiency, prudent consumption and domestic manufacturing.
The minister also urged industries to move from being merely "assembled in India" to "designed and manufactured in India," stressing the need for self-reliance in critical components, higher investment in research and development, and greater focus on frontier technologies such as artificial intelligence and quantum computing.
Highlighting India's economic resilience despite geopolitical tensions and global volatility, Goyal said the country's foreign exchange reserves were sufficient to cover nearly 11 months of imports.
He added that India recorded exports worth around $863 billion in goods and services combined, while remittance inflows continued to exceed the country's overall trade deficit.
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