India, a rapidly growing economy, is poised to become a manufacturing powerhouse for a variety of industries, including the electric car industry. The Indian government’s ‘Make in India’ project aspires to achieve 100% local manufacture of EVs.
However, the Indian EV sector is still in its early phases and has a rapid development strategy. According to certain media predictions, the electric vehicle industry in India is predicted to reach 17 million units by 2030, yet EV sales only reached one million last year.
As a result, the Indian government has launched many efforts, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India), the PLI scheme for the Auto and the Auto Component, and the PLI scheme for manufacturing of ACC to drive local production and achieve its goal by the mentioned time period.
Amit Raj Singh Founder and Managing Director, Gemopai believes that the encouraging policy framework offered to spur the local production of EVs is proving instrumental in attracting investments from all over the world. “The Indian government is committed to achieving 30% electrification of total mobility by 2030 and with the growing interest of the end users across the EV segments, both domestic and foreign manufacturers are setting up their production plants in India,” Singh added.