India is witnessing a massive transformation in the adoption of Electric Vehicle for shifting to a more eco-friendly and sustainable future. The Electric Vehicle ecosystem in India, is currently focused on the intricate battery game and the other policies laid out by the government.
The Battery Ecosystem
India is doing good in the manufacturing of batteries for EVs, but still needs to contribute in the development of this crucial area. Batteries are the backbone of this shift towards eco-friendly transportation, and are also an inevitable part of the EVs. Without efficient batteries EV ecosystem in India cannot survive or further grow.
Hence, India emphasizes on these areas:
Indigenous Battery Manufacturing
One of the core factors in contributing to the efficiency of Battery Ecosystem, is the domestic manufacturing approach. In India, there are more indigenous manufacturing facilities being established, thereby reducing the dependency on imports, making EVs more affordable.
Lithium-ion Dominance
Lithium-ion batteries have high energy density and efficiency. And this is the reason they have become the cornerstone of the EV ecosystem. Hence, India is also boosting its investments and doing active collaborations to enhance lithium-ion battery manufacturing capabilities.
Government policies driving change
The Indian government is mindful towards the growth of the electronic vehicles ecosystem, and hence laid out a series of policies that are supportive towards this shift. These are:
FAME Scheme
FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles. This scheme is a flagship one launched by the government which provides financial support to the manufacturers as well as the consumers to promote the manufacture and use of Electric Vehicles.
NEMMP
This plan is a comprehensive outline of the roadmap with targets for achieving a widespread adoption of electric vehicles in India. The plan includes targets for EV sales, charging infrastructure development (on a larger scale in various states, and on a small scale in various cities and towns), and general ongoing research and development initiatives to make the ecosystem and the EVs more efficiency.
GST reduction on EVs and components
With this policy the government aims to make the Evs more accessible, through reduced GSt on the actual products and other components. This is to make the electric vehicles more competitive in the market.
