Government Initiatives Poised to Revolutionize India's EV Landscape

By siliconindia  |  Saturday, 06 April 2024, 08:03:56 PM IST

Government Initiatives Poised to Revolutionize India's EV Landscape
Industry experts anticipate a significant surge in electric vehicle (EV) adoption in India, attributing this growth to the simultaneous rise in EV battery manufacturing and the government's 'Make in India' initiative. Liz Lee, Associate Director at Counterpoint Research, highlights that India's EV sector is poised for substantial expansion. Lee underscores the impact of governmental measures such as the Production-Linked Incentive (PLI) scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs priced under $35,000 to 15%, deeming them as pivotal drivers for change.
Lee suggests that these initiatives not only pave the way for potential entrants like Tesla but also signify India's preparedness to attract substantial investments and cultivate an innovative ecosystem for EVs and their component suppliers. This, according to Lee, marks a decisive step towards India emerging as a significant player in the global EV market.
However, Neil Shah, Research Vice President, notes that while the traditional automobile manufacturing sector in India is well-established, the infrastructure for a robust smart car manufacturing ecosystem, encompassing essential components such as batteries, infotainment systems, sensors, and advanced driver-assistance systems (ADAS), is still in its infancy. 
Shah emphasizes the importance of companies like Qualcomm, MediaTek, and BlackBerry, which offer advanced auto components and safety software, in bolstering this ecosystem. Additionally, he highlights Foxconn's innovative approach with its MIH consortium-based model, aimed at facilitating localized design and manufacturing, thus reducing entry barriers for new players in India.
Industry experts foresee India's EV ecosystem undergoing rapid development, propelled by government incentives and the emergence of key players in various segments of the EV value chain. This collective momentum suggests a promising trajectory for India's journey towards becoming a prominent player in the global EV market.
Source: IANS

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