Electric Vehicle Sales In India Set To Cross 9 Million By 2027 – Report

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symbol indicating a place to charge an electric car with energy in Catalonia Spain

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Rajat Tandon (President, IVCA) spoke about the outlook and trends in India’s EV sector. He stated that the PE/VC investors invested $1.7 billion in the EV industry by 2021. This sum has reached $666 million by 2022.

“While the Indian start-up ecosystem is focused on technological adaptation and environment, social aspects have also topped their themes for innovation. This is likely to give further boost and momentum to the growth in ESG and climate-specific funds. Fast adoption of EVs across all segments is truly the path to the green frontier. The IVCA-EY-IndusLaw report reveals some interesting facts and data as it elaborates on various challenges and opportunities that prevail in the sector,” he added.

It also features the best global practices in EVs, current Indian policy and PE/VC investments. The report also highlights Indian investment opportunities for entrepreneurs and investors. By 2030, the EV industry will create more than 10 million direct jobs and 50 million indirect jobs.

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Many first-time and new investors are jumping on the bandwagon. Experts believe that the government and investors need to work together towards sustainable solutions.

Srihari Mulgund, New Age Mobility Partner, EY-Parthenon, said that “electrification of Indian mobility presents a once-in-a-lifetime opportunity to reimagine the future of the Indian automotive sector. Electrification has levelled the playing field across the value chain and Indian players must acknowledge this new dynamic and increasingly work towards becoming a global automotive powerhouse of the future. Technology will be a key enabler for a successful transition and given that technology is evolving faster than ever, the players need to make multiple bets to survive and grow during this transition. Hence, capital becomes a strategic lever as we embark on this journey to electrify mobility.”

IndusLaw’s founding partner Kartik Ganapathy stated that electric cars are in “a world that is ripe for innovation, but also rife from various stresses.”

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