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Will markets trump policy on electric vehicles in India?

Nitin Gadkari, the Indian Minister for Road and Transport, recently called the government’s plan for 100% electric vehicles by 2030 “too ambitious,” suggesting 30% was more likely. Gadkari also said no new incentives will be provided to the industry beyond what’s already in place.

Even without incentives, the growth of India’s EV market is continuing.

Mahindra Group, a multinational conglomerate, this week announced a $139 million investment in electric vehicles over the next four years, reports Inc42 (compared to $92.9 million over the previous six years).

A recent ASSOCHAM-EY study projects double-digit growth in India’s EV market through 2020, thanks to tighter emission standards, falling battery prices and growing consumer awareness.

Automakers Renault, Maruti Suzuki and Tata Motors, along with Mahindra, are all staking claims in India’s EV market.

“We are not waiting for any policy to move forward,” Pawan Goenka, a managing director at Mahindra Group, said this week. “To be a pioneer, you have to create the road, and we have to move forward.”

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