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In today’s newsletter:

• Piyush Goyal, Nitin Gadkari vote for no EV subsidy 
• Amitabh Kant has a dire warning for Indian Auto 
• Brands make a beeline for Gukesh

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As India’s electric vehicle (EV) industry continues to grow, two key government ministers have emphasised the need to move beyond subsidies.

Union Commerce Minister Piyush Goyal and Union Minister for Road Transport and Highways Nitin Gadkari both spoke out at the NW18 Green Bharat Summit, stressing that the EV sector must develop a competitive edge and become self-reliant.

• Goyal said the EV industry does not need subsidies and it has to move out of the subsidy mindset

Goyal pointed out the success of schemes like Fame 1, Fame 2, and the Production Linked Incentive (PLI) scheme in kickstarting the industry but emphasised the need to move beyond these supports.

Also read: Strong economic case to include EVs in our fleet, says Piyush Goyal 

"Subsidies are okay just to kickstart something... Any industry that expects subsidies beyond the initial years can never be successful," Goyal said.

Gadkari echoed Goyal's sentiments, expressing that ongoing subsidies are not essential for the EV industry.

Speaking at the event, Bhavish Agarwal, founder of Ola Electric, aligned with the ministers' perspective, stating, "I agree with what ministers have said in terms of subsidies... I feel it should go away and consumers do not need subsidies now." 

• He added that the govt has done enough in terms of policy, subsidies and encouragement. Now it is up to entrepreneurs to build on this, he said

Gadkari expressed confidence that the Indian automobile industry, driven by EVs, will become the largest in the world within five years. 

"Today, the size of the industry has grown to Rs 22 lakh crore and we have just surpassed Japan as the third largest auto industry in the world...I am confident that in 5 years, we will be number one in the world and e-vehicles will be the primary factor driving the growth of the industry," Gadkari said.

Also read: Seven new express highways from Delhi to major cities to be ready in few years, says Gadkari

He also emphasised the role of alternative fuels like ethanol, methanol, and green hydrogen in reducing pollution and boosting the economy.

You can catch all the updates from Green Bharat Summit in our liveblog or watch the recap of the event.

In China, over 50% of cars are electric, while the figure stands at 23% in Europe and 10% in the US. However, in India, that number is just 2% – that clearly isn’t enough…

Speaking at the NW18 Green Bharat Summit, Amitabh Kant, G20 Sherpa and former CEO of Niti Aayog, pointed out that Indian carmakers are not doing enough.

• Kant warned that Indian carmakers risk falling behind if they don’t act quickly

Kant believes that Indian automakers, such as Tata Motors, Mahindra, and Maruti Suzuki, have the potential to become global leaders in EV manufacturing. However, he highlighted the risk of India losing out on this opportunity due to delayed action.

“India should be a beneficiary of the tariff imposition of China…This is an entrepreneur issue; we should have ramped up on production much earlier…Our manufacturers are five years behind the curve,” Kant said.

The former Niti Aayog CEO also criticized car manufacturers for not fully utilizing the regulatory support and policies available to them. 

He expressed disappointment with the poor uptake of the PLI scheme introduced in 2021 for ACC batteries.

“The world is doing 1200GW of battery storage; we have 0GW. Announcements are no good, we should crack delivery. We should have done 200GW of battery; you can’t be China-dependent,” he said.

Kant believes the government should mandate that all two-wheelers and three-wheelers be 100% electric to increase adoption. He particularly praised the work of EV startups in driving innovation.

"At least on two-wheelers, there are 1,432 startups but if you left it to legacy players, it could have been very different," he said. 

Any guesses which car he’s planning to buy? Find out 

India waited with bated breath for Gukesh Dommaraju to bring home the World Chess Champion title after over a decade long hiatus.

• At 18, Gukesh became the youngest chess champion in the world

Becoming a world champion in a global sport is no small feat and this win has grabbed everyone's attention including brands, said talent managers. 

The new world champion is expected to crack the endorsement game and bag some brand deals. 

• Gukesh is expected to get brand deals in the range of Rs 50-60 lakh, according to Neerav Tomar, managing director (MD) of talent management agency IOS Sports and Entertainment. 

Until now, only chess legend Viswanath Anand has been able to open up the endorsement market and was associated with brands like Vodafone, Crocin, Parle Milk Shakti, among others.

Chess is gaining a lot of momentum in India in terms of viewership and Gukesh's win will further bolster it.

The Ding Liren-Gukesh matches recorded unprecedented viewership online and were 4.5 times higher than what was expected initially. 

• In the beginning, the chess matches recorded a peak viewership of 75,000 which went up to 225,000 for game 13

In a first, the championship was aired for live audiences in Mumbai's Habitat which went houseful for mega matches. 

Make your next move

• China's industry ministry will set up a committee to develop industry standards for artificial intelligence, particularly focusing on large language models and AI risk assessment.
  
  
• Canadian startup Tenstorrent and South Korean chip startup BOS Semiconductors, backed by Hyundai Motor Group, unveiled AI chips for in-vehicle infotainment and autonomous driving.

Looking for the perfect weekend binge? 

First up, Mismatched Season 3 is back and picking up right where the last season left off. 

• Join Dimple and Rishi as they navigate the ups and downs of their evolving relationship. Watch it on Netflix

Next, get ready for a musical journey with Bandish Bandits Season 2. Follow Radhe and Tamanna as they continue to balance the clash between traditional Indian classical music and modern pop. Check it out on Amazon Prime Video

And for some action-packed thrills, catch Thangalaan, the latest adventure film starring Vikram. Watch it on Netflix

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