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Where does India stand in the Global EV Market

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“Men are creatures of habit”. 

We are afraid of change and anything to do with change. We like staying well within our comfort zone but the need for e-mobility and sustainable methods of living has encouraged this change and people have started to embrace the change.  

The current landscape of the global automotive industry is evolving and undergoing a monumental paradigm shift with the exploration of new and less energy intensive options. India has finally caught up with the fast paced industry’s progress and is currently the fifth largest automotive industry in the world. This isn’t all, it is all set to be the third largest industry by the 2030. 

There are a number of reasons motivating India’s need to transition to e-mobility among them, global warming and climate change, oil imports, rising pollution levels are key factors driving this monumental shift. In an attempt to fully replace the market with fuel intensive mobility and sustainable methods of transportation, the policy makers have projected an ambitious target of 100% electrification by 2030. 

India’s EV market is nascent and untapped. The targets are ambitious but there is also scope for 100% FDI under the automatic route. Shift to clean, sustainable methods of mobility has been the main goal of the federal government. The Phase two of a Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India scheme has supported about 1,65,000 electric vehicles and will only continue to expand in the days to come until the 2030 targets have been reached. 


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