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Steel minister H.D. Kumaraswamy urges industry to tap FTAs to boost EV ExportsUnion Minister for Heavy Industries and Steel H.D. Kumaraswamy urges Indian industry to use FTAs to boost EV exports, supporting Atmanirbhar Bharat and Viksit Bharat 2047 vision.By Shivani Bazaz  February 25, 2026, 3:53:51 PM IST (Published)2 Min ReadUnion Minister for Heavy Industries and Steel H.D. Kumaraswamy has urged Indian industry to actively leverage the country’s expanding network of Free Trade Agreements (FTAs) to boost exports of electric vehicles (EVs) and their value chains, asserting that India can emerge as a global leader in electric mobility manufacturing and innovation.

Addressing the 3rd FICCI National Conference on Electric Vehicles, Kumaraswamy said India’s transition to electric mobility is aligned with Prime Minister Narendra Modi’s vision of Atmanirbhar Bharat and Viksit Bharat 2047, as well as the country’s net-zero target for 2070.

“Electric mobility is not merely a climate initiative. It is an industrial strategy with strong manufacturing and supply-chain opportunities. It is about building future industries while solving present challenges,” he said.

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The Minister highlighted the importance of securing critical minerals for long-term competitiveness and pointed to the government’s ₹7,280-crore scheme to promote domestic manufacturing of Sintered Rare Earth Permanent Magnets (REPM), calling it a first-of-its-kind initiative to build a robust ecosystem in this segment.

He noted that India’s automotive component exports have nearly doubled over the past decade—from about $8 billion to $16.9 billion—reflecting deeper integration into global value chains. With FTAs in place or under negotiation with markets such as the EU, UK, Australia and UAE, Kumaraswamy said the industry must now actively pursue export opportunities in EVs and components.

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“As we advance towards Viksit Bharat 2047, electric mobility must remain central to the Make in India agenda -- strengthening domestic manufacturing, deepening localisation and positioning India as a global production hub for EVs, batteries and critical components,” he said.

Former G20 Sherpa and former CEO of NITI Aayog, Amitabh Kant, described electric mobility as India’s next transformational leap.

“Batteries, power electronics, semiconductor software and charging infrastructure are the new engines of value creation,” Kant said, adding that the global EV market is projected to reach trillions of dollars over the next decade as supply chains realign and countries rethink trade localisation.

“India must position itself as a trusted manufacturing hub for electric vehicles. The transition to EVs must be viewed as a central pillar of Viksit Bharat 2047,” he added.

Also Read: EV volumes accelerate as supply constraints ease, competition heats up in Dec 2025: ReportContinue ReadingTagselectronic vehicleFTAFTA negotiationstrade deal