As the Founder and Chairperson of GVK Group which operates in the energy sector, Dr GVK Reddy offers crucial insights into the industry’s present position and future path.
With the launch of FAME India (Faster Adoption and Manufacturing of Hybrid and Electric vehicle) scheme in 2015, the Union Government signaled the overhaul of the Indian vehicle space with the adoption of Electric Vehicles (EVs). Since then, the shift towards EVs has been underpinned by the colossal dependence on fossil fuels to satisfy the consumption demands.
Dr GVK Reddy puts this into perspective, “In the year before FAME initiative was taken up by the government, India’s import of crude oil stood at $112 billion for 2014-15. In addition, India is also the second-largest importer of coal in the world.” .
Given India’s commitment to curb its CO2 emissions by 2030, there is a surge in investments and promotion of EVs to replace the present predominant ICE (internal-combustion engine) driven vehicles on Indian roads.
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