Union Commerce and Industry Minister Piyush Goyal met Bhaktha Keshavachar, Founder and CEO of Bengaluru-based startup Chara Tech, on Thursday, 2 July 2026, highlighting the company's work on rare-earth-magnet-free electric motors as a model of indigenous, globally relevant innovation aligned with India's self-reliance goals.

Context

Minister Goyal noted that the two had also interacted recently at Bharat Innovates 2026 in Nice, France, underscoring the increasingly international stage on which Indian deep-tech startups are showcasing their capabilities. In his post, Goyal described Chara Tech's work as 'an excellent example of how Indian innovators are creating sustainable and globally relevant solutions, while strengthening the vision of a self-reliant India.'

Chara Tech is developing electric motors that do not rely on rare-earth magnets — a technology segment where global supply chains are heavily concentrated in a handful of countries, creating strategic vulnerabilities for EV manufacturers worldwide.

Policy Backdrop

The minister's engagement with Chara Tech fits squarely within the Atmanirbhar Bharat initiative, launched in May 2020, which prioritised domestic manufacturing and indigenous technology development across strategic sectors including green mobility. The initiative sought to reduce India's dependence on imports in critical component categories.

The government subsequently notified the Production Linked Incentive (PLI) scheme for automobiles and auto components in September 2021, designed to accelerate the domestic manufacturing of EV components. Rare-earth-magnet-free motors, if commercially scaled, could address one of the more persistent supply-chain vulnerabilities in the EV transition — the dependence on imported permanent magnets.

India has pursued reduced dependence on rare-earth inputs through domestic R&D incentives and PLI-linked manufacturing, positioning the effort as part of a wider strategy to build technological sovereignty in green mobility.

Stakeholders and Impact

For Indian EV component makers and deep-tech startups, ministerial visibility of this kind signals policy-level recognition of alternative motor technologies. Chara Tech's approach, if it reaches commercial scale, could reduce exposure to rare-earth supply-chain disruptions and open pathways into global sustainable-technology supply chains.

The meeting also reflects a broader pattern of Indian policymakers engaging with domestic innovators at international forums and then amplifying those interactions publicly — a deliberate effort to draw investor and industry attention to emerging homegrown technology.

What's Next

Attention will turn to whether engagements like this one translate into formal policy support, procurement interest, or inclusion in upcoming critical-minerals and EV policy frameworks that the government is expected to update. The France-India technology corridor, evidenced by the Bharat Innovates 2026 event in Nice, may also yield follow-up collaboration opportunities for startups working at the intersection of clean energy and advanced manufacturing. For Chara Tech, the ministerial endorsement could accelerate conversations with institutional investors and potential industrial partners both domestically and abroad.