PM Modi Appeals to Citizens: Save Fuel, Adopt Electric Vehicles

The Prime Minister of India, Shri Narendra Modi addressed the public on Sunday, India must strategise on global supply-chain disruptions by changing their consuming patterns and reducing their use of fossil fuels. He expressed his views and said, “We have to save foreign exchange by any means."

This is majorly due to West Asia conflict which has significantly increased the prices of petrol and fertiliser. The Prime minister also appealed for a major change in mobility, urging people to use metros, carpool, and adopt electric vehicles, thus reviving remote practices that were used during the Covid-19 pandemic. 

PM Modi asked the EV owners to maximise their EV usage in order to reduce the dependence on fossil fuels. He also encouraged people to increase their usage of railway transportation for freight movement. He expressed, “People with electric vehicles should try them as much as possible.”

This comment has garnered fresh buying interest in EV and has also led to rise in the stocks of electric companies which are largely focussed on the economic fallout due to geopolitical imbalances and increased crude oil prices. 

He further said, “We prioritised work-from-home, virtual meetings, video conferencing, and many other methods during the pandemic and got habitual of them." Thus it is the need of the hour and time to bring back those methods.

Ather Energy, Ola Electric & JBM Auto Stocks rise by 8%

The share of electric vehicles and clean mobility has witnessed a strong growth by as much as 8% after the Prime Minister addressed for the reduction of fuel consumption and faster adoption of electric vehicles in response to the rising global pressures due to the West Asia crises. 

Ather Energy has shown a growth of 8.1% as one of the top gainers in the list of EV companies. JBM Auto rose to 4.45%, while Ola Electric Mobility projected a 3.02% increase. On the other hand, Olectra Greentech showed a significant increase to 2.89%.