India has issued a directive to its state-run banks and insurance companies to adopt cost-cutting measures and shift their focus towards electric vehicles (EVs). The move aims to reduce the country's dependence on fossil fuels and align with the government's ambitious plans to achieve net-zero carbon emissions by 2070. As part of the directive, these state-owned financial institutions have been instructed to reduce their non-performing assets, increase their lending to environmentally friendly projects, and invest in EV-related infrastructure. The decision is seen as a significant step towards India's transition to a more sustainable and eco-friendly economy, with potential far-reaching implications for the country's automotive and energy sectors.
India directs state-run banks, insurance firms to cut costs, shift to EVs Reuters
