(ET)
Union road transport and MSME minister Nitin Gadkari has urged domestic industry to end dependence on electric vehicle components, including lithium-ion batteries and magnets sourced from China, and find ways to manufacture these in the country without compromising on quality.
Currently, China is the only country that manufactures NdFeB magnet, which is an integral component for manufacturing of the electric vehicle. In his addresses at a FICCI summit and AIMA, Gadkari appealed to the industry to find a solution to this and to see that India doesn’t need to depend on China.
Gadkari also said the government has sanctioned Rs 3 lakh crore for medium and small scale enterprises and has decided to provide 15% of the equity to successful MSMEs and those with a good record of GST and income tax and bank turnover to facilitate them to go raise funds in the capital market.
