India's EV journey
The consistent rise in sales of battery-operated vehicles (BOVs) in India signifies a momentum towards fortifying the nation's electric vehicle (EV) industry. This surge is underpinned by a steadfast commitment to bolstering the local EV supply chain. Government initiatives such as the Production Linked Incentive (PLI) schemes for Auto and Advanced Chemistry Cell (ACC) and the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme by the Ministry Of Heavy Industries have served as pivotal catalysts, accelerating this transformative journey. The role of the Society of Indian Automobile Manufacturers (SIAM) and ACMA India in working with the industry to resolve challenges has been outstanding.
With a relentless focus on innovation, the Indian automotive industry is now at the forefront of pioneering cutting-edge research and funneling investments into robust Research and Development (R&D) endeavors. It's noteworthy that India holds the distinction of being the world's largest producer of three-wheelers and ranks second in the two-wheeler segment.
The exponential growth is evident when we juxtapose the sales figures: in 2014-15, the sale of BOVs stood at 2,334 units, while in 2023-24, it soared to an impressive 16.75 lakhs (this includes electric 2,3,4 wheelers and e-buses). All these endeavors are propelled by the overarching vision of a "Viksit Bharat" in 2047 – envisaging a self-reliant and environmentally sustainable India that emerges as a major automotive force on the global stage.
As the landscape of electric vehicles continues to evolve, it is apparent that India is primed to ascend as a vanguard in sustainable mobility. The concerted efforts towards nurturing a resilient ecosystem for electric vehicles epitomize not merely a transition towards cleaner transportation but also underscore India's unwavering dedication to fostering technological innovation and fostering economic prosperity.
Eager to see more EVs on Indian roads!
Head-Electric Powertrain Mechanical Systems at Mahindra Last Mile Mobility Limited
11 个月Learnt from EV stakeholder meeting, it’s a good initiative from MeitY on funding a short term R&D EVSS-02 for indigenous development of EV subsystems technologies in this Fiscal year with 80% from MeitY under your guidance of MHI which is the nodal agency and 20% from End user or an Industry whose development to be taken up in a consortium mode comprising of Govt institutes including academic institutions, R&D organisation or a domestic Company’s R&D cell recognised by DSIR for design and development. Product Development Agency to support the development of the product, industry to commercialise it and vehicle manufacturer to use the developed products in their regular manufacturing. It is very encouraging to see collaborative efforts materialise into tangible improvements and strategies from Ministry that will undoubtedly benefit the EV sector in India.
Building Sustainable Urban Mobility in India | Battery360 Alliance for battery circularity | IIM-A
11 个月Absolutely agree! India has the potential to become a major player in the EV market with the right investments in R&D and innovation. Exciting times ahead for the industry! 16.75 lacs EVs registered in the financial year is more than sum of total numbers in complete Europe. Great feat indeed.
"Indirect Tax Consulting | Adani Group | Advocate | Ex-IRS (VRS) | President's Award & Ati Vishisht Seva Medal | 33+ years in Customs, GST, and Central Excise | Subject Matter Expert |
11 个月A concise yet thorough write-up.