India Aims for 30% EV Sales by 2030, Focuses on Infrastructure Growth

20 Nov 2024

Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, stated that India has set an ambitious goal of achieving 30% electric vehicle (EV) sales by 2030, with the government prioritizing the creation of a robust EV ecosystem, which will be driven by advancements in research, innovation, and the development of necessary infrastructure.

Speaking at FICCI's national conference on electric vehicles, Kumaraswamy highlighted the government's efforts under the PM e-Drive initiative, which focuses on advancing battery technology, recycling, and charging infrastructure. He emphasized, "Innovation and research will be key to accelerating EV adoption, lowering costs, and enhancing efficiency. Our focus is to achieve energy security, cleaner air, and modern transportation, going beyond just policy."

The government's initiative aims to achieve full electrification of the two-wheeler and three-wheeler segments in selected cities, as per Tarun Kapoor, advisor to the Prime Minister. "For four-wheelers, we are considering measures like revising GST on batteries and charging infrastructure," Kapoor mentioned. He also said that substantial investments are being made through the PM E-Drive scheme to enhance charging infrastructure in public spaces, offices, and parking zones.

The EV industry has achieved a 23% market penetration over the past four years, fueled by subsidies that have gradually decreased from ?1 lakh to ?25,000 per vehicle. "These subsidies will remain in place until FY26, after which the sector is expected to achieve self-sustainability," stated Dr. Anish Shah, President of FICCI and CEO of Mahindra Group.