Aggarwal also expressed support for the government’s initiative to offer fiscal incentives to global EV manufacturers, including Tesla. He believes that attracting such investments is essential for developing India’s EV ecosystem and that established global players can significantly contribute to this growth.
Ola Electric, the newly listed entity of the Ola Group, aims to position India as a global hub for electric vehicles (EVs). However, Aggarwal emphasised that India needs to develop its own EV and energy transition model tailored to its specific needs, as the world cannot achieve a sustainable future without India’s active participation.
“A global technology transition is underway, with AI playing a pivotal role in the future. India needs to be at the forefront of this journey,” Aggarwal said, explaining the rationale behind establishing AI startup Krutrim last year. The startup focuses on developing AI models based on Indian data, better suited to the country’s unique use cases and paradigms.
Aggarwal highlighted a significant issue: while India generates 20% of the world’s digital data, it does not fully own this data, as 80% is stored and processed outside the country, only to be sold back in dollars. He likened the current situation to the early fears that computers would replace jobs, arguing that AI will amplify productivity rather than replace workers.
“AI is not going to replace anyone. That future is still decades away. Right now, we need to focus on leveraging AI to enhance productivity. If we don’t, we’ll be left behind,” Aggarwal stated. He added that mastering future technologies is key for India to create jobs and supply chains of the future.
Aggarwal also discussed the role of the private sector in job creation, asserting that it must do the bulk of the work while the government creates the right environment and corrects imbalances. He praised government initiatives like the Production Linked Incentive (PLI) schemes, which encourage private industry participation.
When asked if the government is doing enough to support the private sector, Aggarwal shifted the focus back to the private sector itself, stating, “We all need to do more. The private sector must step up.”
Regarding the government’s fiscal concessions to companies like Tesla, Aggarwal said it’s crucial for India to attract world-leading companies. “Tesla is a best-in-class company. Their investment in India would benefit the entire ecosystem, including my company, by raising standards in expertise, excellence, and talent.”
Aggarwal reiterated Ola Electric’s mission to make India a global EV hub. The company is focused on developing products like electric two- and three-wheelers that cater to India’s specific needs, aiming to create a unique EV and energy transition model that differs from the current global focus on electric luxury cars.
On the ride-hailing front, Aggarwal noted that Ola’s mobility vertical is already profitable and that the company is now investing in a new e-commerce venture in partnership with ONDC.
(ET)
The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com
