Effects of the climate change are being felt worldwide. The world had witnessed record levels of pollution in the last decade and with levels going upwards, there was a firm need of change. Tesla and Elon Musk started the rejuvenation of the electric vehicles long after it was initially proposed by Nikola Tesla. However, the launch of Tesla kickstarted the time for electric vehicles. Internal combustion powered- vehicles have long been the reliable mode of transportation. The subsequent emergence of EVs has been a game-changer for the environment since it is significantly cleaner than its petrol-powered counterpart.
GROWING STRONGER
The Indian EV sector has witnessed $3.7 billion worth of private equity and venture capital investments over the past few years with the numbers set to increase. The value chain revenue pool of the Indian EV Ecosystem is said to be in a range of $76-$100 billion. According to a report by Bain and Company, 35 to 40 per cent of all vehicles sold in India by 2030 would be EVs, an increase from two per cent penetration rate in 2022. To boost adoption of EVs, the Union government as well as a few state governments are setting up incentives including the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India (FAME-I and FAME-II) incentives which are becoming a major factor for the faster EV adoption. Other incentives include production-linked incentive (PLI) and Goods and Services Tax (GST) rate cuts and road tax waivers.
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