India is confident that its new electric vehicle policy measures will open up the market to more global players, said the country's secretary of the Department of Promotion of Industry and Internal Trade.
India is confident that its new electric vehicle policy measures will open up the market to more global players, said the country's secretary of the Department of Promotion of Industry and Internal Trade."It involves concessional tariffs for limited volumes of imports by global EV manufacturers, linked to ironclad commitment by them to invest in India a minimum of $500 million," Rajesh Kumar Singh told CNBC's Sri Jegarajah.
"By 2030, EVs are expected to represent nearly one-third of India's PV market, signaling a robust long-term growth trajectory in the country's automotive sector," said Counterpoint."For passenger cars, I would say, it will be more realistic to expect 15% to 20% by then," he said."But overall, if you look at all types of vehicles, including our commercial vehicles among three-wheelers and two-wheelers, certainly we will be hitting above 30%.
"In passenger vehicles, we have this lag — where the penetration so far is only about 2%, which is why we wanted to kickstart this process by creating a policy, which incentivizes manufacturers to come into India in larger numbers and bring in their latest models and technology." "It is a challenge," Singh acknowledged."But investment in setting up the battery charging infrastructure is now underway in many of our larger cities, and even in some of the highways."