Through Budget 2023, the government has given a clear direction to a zero-carbon strategy for the economy. It has also been consistent in its push towards green mobility over the last few years. A significant change is already underway in the auto industry’s energy mix with environment-friendly fuels like CNG, ethanol, electric and hydrogen coming to the fore.
India is the world’s third-largest auto manufacturing hub after the US and China. It contributes significantly to India’s GDP, foreign exchange earnings and employment. With the PLI scheme for the auto industry focussed on green technology already rolled out, the stage is set for the industry to consolidate India’s position as a global green mobility hub.
The conventional auto industry, as we are well aware, is however currently being disrupted globally like never before, primarily by regulation, driven by climate change, and technology driven by IoT, software and infotainment. The technology disruption is being caused by companies that had until recently comparatively little to do with the conventional auto industry.
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