Get All Access for $5/mo

ICE is 'dead technology', Way Forward is Electric: Amitabh Kant Kant's words come at a time when the central government has reduced the budget allocation for the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme by nearly 44 per cent to INR 2,671 crore for FY25.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Photo Curtesy: Freepik

The Internal Combustion Engine (ICE) is a 'dead technology' and the way forward is electric, Amitabh Kant, the G20 sherpa and former CEO of NITI Aayog said, pushing for EV makers to make India the biggest manufacturer and exporter of electric vehicles.

Speaking at an event in Bengaluru, he said, "We are the biggest exporter of two-wheelers in the world, ICE is a dead technology according to me and the market is disrupted with EVs,"

Kant also pushed for Indian EV players to make electric two-wheelers for the global market. "It is the mindset of entrepreneurs. India is a large market but we do not realise that export market gives 5X more of what you get in India. Everytime India has grown it has grown because of exports," He said adding that by 2030 the whole world will move only be electric and India must grab that opportunity.

Kant's words come at a time when the central government has reduced the budget allocation for the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme by nearly 44 per cent to INR 2,671 crore for FY25, which may result in a slowdown in the adoption of electric vehicles in India.

In FY24, the government allocated a revised estimate of nearly INR 4,807 crore for FAME schemes, according to the government's budget allocation document published on February 1, 2024.

Talking of skilling within the EV industry, Kant said the Centre has worked with around 20 IITs and IIITs on electric mobility courses within the institutions. "We need data scientists, product developers, prompt engineers and many institutions should change their curriculum based on this," he added.

Sharing some advice to EV makers, he said the manufacturers should not 'burn cash' by selling products at a cheaper cost with low-quality. "Never burn cash by selling your vehicles by compromising on quality... Create a brand for an aspirational middle-class Indian," he said.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
News and Trends

Easing the stress with new-age health solutions

With rapid scaling and idea-making seen in the Indian eco-system, it is only speculated that the now-easily accessible healthcare systems will try to reach further depths of the country.

Business News

Microsoft Reportedly Lays Off Over 1,500 Employees in Cloud Sector as Partnership with OpenAI Strengthens

Alphabet also reportedly laid off employees from several teams in Google's cloud unit last week.

Business News

Amazon Has a Blank Book Problem: Buyers Report Receiving Fakes of Bestselling UFO Book

The book looked fine on the outside, but the inside was out-of-this-world.

Business News

Paramount Leadership Alludes to Layoffs If Merger Does Not Go Through

Paramount is awaiting approval on its merger with Skydance Media from majority shareholder Shari Redstone.

Green Entrepreneur®

Why You Need a Contribution Mindset to Thrive in 2024 and Beyond

How to set yourself and your business up for long-term success.

Business News

ChatGPT Users Report Mass Outage, OpenAI Says It's 'Investigating'

ChatGPT's outage was first reported early Tuesday morning.