Auto industry welcomes hybrid,electric vehicle mission

The announcement on national mission on hybrid and electric vehicles came in for praise. Kinetic Motors MD Sulaja Firodia Motwani said,“It’s a step in the right direction. This will reduce reliance on fossil fuels.” Motwani said the government needed to follow up with a policy announcement.

The Indian automobile market is the second fastest growing in the world and has shown 30 per cent growth this year,as mentioned in the Budget speech. “World over,substantial investments are being made in hybrid and electric mobility. To provide green and clean transportation,national mission for hybrid and electric vehicles will be launched in collaboration with all stake-holders,” Pranab Mukherjee said in his speech.

Raja Kochar,MD,Eaton Corporation,said in a statement the decision will “pave the way for us to leverage our capabilities in providing cleaner energy for mass transit.”

Anant Sardeshmukh,director-general of the Mahratta Chamber of Commerce,Industry and Agriculture (MCCIA),said decisions like foreign direct investment (FDI) in mutual funds and management of public debt was a welcome step.

Vikram Salunkhe,vice-president,MCCIA,said,“Though the finance minister has made announcements related to the auto industry,he has not given any concession to the machine tool industry,which has to brave a severe competition from players outside the country. In Japan,machine tool industry players get heavy concessions on interest.”