5 Key reasons why India can be an EV manufacturing powerhouse
As global demand for Electric Vehicles (EV) is on the rise, there is also a demand surge for EV auto-parts while it experiences shortage amid supply chain disruptions. Globally, countries are vying for solutions to enable seamless supply chain and cater effortlessly to the growing EV demand.
EVs are set to be the future in mobility in India as well. Presently, consumers are more conscious towards the environment and climate change along with governments such as Delhi state government giving subsidies on EVs, further giving impetus to their popularity. Recently, in a webinar session, Hon’ble Union Minister Nitin Gadkari stated that India will emerge as an EV manufacturing hub in the next 5 years. As per reports, India’s EV sector is expected to be valued at $600 million by 2025, and a local supply chain will have a major role to play in this growth.
Key reasons why India can be an EV manufacturing powerhouse
• India has a huge population of skilled professionals who have the drive to change the world.
• The country’s supply system has the potential to develop EV parts with the greatest of ease.
• As Indian engineering capabilities were quick to adopt EV technology, EV manufacturing technology can also be adopted with similar agility.
• With new and favourable FDI policies and by partnering with foreign technology firms, India has boundless capabilities to become a global powerhouse in EV manufacturing.
• India can boost local manufacturing of electric mobility parts by supporting component manufacturers with the implementation of favourable policies and incentives.