Alternative energies should be prioritized for lending: Nitin Gadkari

According to Transport Minister Nitin Gadkari, the alternative fuel industry should be designated as a priority area for loans.

The most appropriate way for resolving the financing challenges of the alternative fuel industry is to put it under priority sector loans, he stated at a symposium on Financing Electric Vehicles (EVs) and the Bio-energy Sector. This request will be forwarded to the Finance Minister and the Reserve Bank of India.

Doing so will minimise pollution and the country's import expense. This sector will also help boost our exports and job opportunities, he added.

Gadkari also stated that enterprises in the alternative fuel industry must collaborate rather than operate in silos in order to replace petrol and diesel automobiles.

In his remarks on agriculture, he stated that there is a need for crop diversification and that the sugar business should think most seriously about growing ethanol production.

Gadkari also stated that the cost of electric automobiles might be lower than that of gasoline and diesel vehicles.

The day is not far away when the cost of an electric car engine will be the same as that of a gasoline or diesel engine. I believe the expenses will be equivalent when production increases in the next days. I also have a gut feeling that e-automobiles would eventually be less expensive to manufacture than gasoline or diesel vehicles, he said.

Gadkari further stated that this week he will meet with Telecom Minister Ashwini Vaishnaw. I will be encouraging him to convert telecom tower diesel generators to run on ethanol. I learned from my conversations with diesel generator manufacturers that this switch will necessitate an extra consumption of 2000 crore litres of ethanol, he added.

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