Union Commerce Minister Piyush Goyal has advocated the use of plug-in hybrid vehicles to help reduce India’s dependence on fuel imports, supporting Prime Minister Narendra Modi’s recent appeal for more prudent fuel consumption.
Speaking at the CII Summit in New Delhi, Goyal said hybrid vehicles could significantly reduce petrol and diesel consumption while also lowering the country’s battery import bill.
He said small collective efforts to save fuel and cut waste could have “transformational results” for the economy.
Defending the prime minister’s remarks on reducing unnecessary consumption, Goyal said the appeal was not intended to discourage business activity or overseas travel for trade and investment. Instead, he said it focused on reducing wasteful spending and improving sustainability.
The minister said India needed to become more conscious about fuel efficiency, prudent consumption, and domestic manufacturing.
Goyal also urged industries to move beyond products being merely “assembled in India” and focus instead on goods that are “designed and manufactured in India.” He stressed the need for self-reliance in critical components, increased investment in research and development, and greater attention to technologies such as artificial intelligence and quantum computing.
Speaking on the broader economy, Goyal said India remained resilient despite geopolitical tensions and global volatility. He stated that the country’s foreign exchange reserves were enough to cover nearly 11 months of imports.
He also said India recorded exports worth around $863 billion in combined goods and services, while remittance inflows continued to exceed the country’s overall trade deficit.