The Government of India is keen to encourage EV adoption in the country and reduce environmental pollution. The Indian government is committed to reduce greenhouse gas emissions per unit GDP in the country by 33-35% by 2030, as a part of the Paris agreement. To achieve this target, the government is promoting EVs adoption in the place of conventional automobiles. The recently announced vehicle scrappage policy that aims to phase out the unfit and old vehicles from the usage also helps to boost the EV industry in India.
Several state governments, working in tandem with the central government, are coming up with innovative EV policies, considering the local conditions and needs to attract investments in the EV sector and boost the adoption of electric mobility. With several states announcing policies that provide both fiscal and non-fiscal incentives, the adoption of EVs is expected to register huge growth across the country.
A lot of companies are investing in the Indian EV space to capitalize on the opportunities in the industry. Ola Group is setting up a mega electric two-wheeler manufacturing facility in Hosur, Tamil Nadu with an investment of Rs. 2,354 crores. Some of the world-renowned automobile OEMs, such as Honda, KTM, Yamaha and Piaggio formed a business alliance to develop a standard swappable battery system, that serves as an alternative to conventional batteries in electric vehicles. A major name in the global EV landscape Tesla is also planning to start electric vehicles manufacturing plant in India.