Atamnirbhar Bharat: A transition to electric mobility
Electric mobility transition of the Indian automobile sector is the key for making the economic growth process sustainable. India being one of the largest automobile markets, holds the potential of becoming one of the largest electric vehicle markets also by the end of the next decade. Coordinated efforts between industry and the policy makers will lead to exponential growth in the EV sector. Currently the EV industry is highly dependent on imports from China and other countries. All the EV components, with exception of just few components, can be made in India. For a smooth EV transition the government has formulated many policies both at the center and state level. Setting up a domestic value chain, creating a skilled workforce, and enhancing the local demand are imperative for EV sector growth. Heavy dependence on imports of EV components must be replaced by indigenous manufacturing and R&D to bring down the EV costs. EV adoption will have a three-fold impact on the Indian economy in terms of reduction in oil import bill, cutting down on pollution and employment generation. Manufacturing the EV components locally will create multiple supply chains and hence jobs in India. the EV Under the CEM-Electric Vehicles Initiative, coordinated by the International Energy Agency, policy makers in India have set a goal of 30 per cent penetration of EVs in new sales by 2030.