"This is completely in-line with Siam's recommendations that all relevant technologies should co-exist in our journey towards sustainable mobility. Hence it would call for a long-term roadmap for all futuristic technologies, which instils confidence to the industry to get going."
The government has been emphasising on electric mobility and other greener mobility solutions in recent years. The Prime Minister said in an interview that the country has a large enough market and big enough policy space to ensure the growth of ICE-based automobiles as well as EVs.
Meanwhile, chairman of TVS Motor Company Venu Srinivasan said Modi's clarification is a step to encourage investment and employment in the automotive sector.
"This will provide reassurance to millions of people across the supply chain ranging from component manufacturers to original equipment manufacturers, dealers, mechanics and associated people across the country. A technology-agnostic approach that encouragesall options is very important for a developing country like India which is dependent on fossil-based sources for much of its power," he said in a statement.
Besides, with some other measures announced towards increasing liquidity, the clarification will provide stability to ensure India continues to remain one of the leading investment destinations in the world.
"It will also help Indian companies to be globally competitive. This approach will give further fillip to the Prime Minister's vision of Make in India programme," said Srinivasan.