In a significant move towards bolstering India’s electric mobility sector, the PHD Chamber of Commerce and Industry (PHDCCI), in collaboration with OMI Foundation, has launched a report titled “Powering Startups and MSMEs for an EV-Ready India.” The report, aimed at enhancing the country’s EV ecosystem, was unveiled during the Viksit Bharat Conclave 2024 on September 24, 2024, in New Delhi.
The report was presented by Shri Sudhendu J. Sinha, Advisor for Infrastructure Connectivity & Electric Mobility, NITI Aayog, alongside Cmde Amit Rastogi (Retd), Chairman and Managing Director of the National Research Development Corporation. The document highlights the evolving landscape of India’s electric vehicle (EV) sector and offers strategic recommendations for startups and Micro, Small, and Medium Enterprises (MSMEs) to overcome challenges such as regulatory complexities, financing hurdles, and infrastructure scaling.
Key Report Highlights:
- Innovation-Driven Growth: The report showcases how Indian EV startups are driving innovation in areas such as battery technology and EV infrastructure, playing a pivotal role in India’s transition to clean energy.
- Government Support: While policies like the Production Linked Incentive (PLI) scheme and FAME-II have laid the groundwork, the report emphasizes the need for more targeted support for startups and MSMEs in the EV sector.
- Financial and Technological Access: The report calls for expanded credit access, diversified financing options, and collaboration between startups, incubators, and financial institutions to bridge the funding gap.
- Skill Development and Inclusivity: A strong focus is placed on skill-building programs and encouraging the participation of women and marginalized groups in the EV industry.
India’s vibrant startup ecosystem, now ranked third globally, has already seen over 700 EV startups, with plans to achieve 30% EV penetration by 2030. The report highlights the contributions of these startups and MSMEs in shaping the country’s EV landscape and their critical role in meeting India’s Panchamrit goals for climate action.
Leaders’ Perspectives:
Mr. Sudhendu J Sinha, Advisor, NITI Aayog, remarked, “For the first time in 75 years since independence, India is making significant strides toward becoming a Viksit Bharat. The EV and Green-Tech sectors hold immense potential in driving this transformation.”
Ms. Aishwarya Raman, Executive Director, OMI Foundation, added, “Startups and MSMEs are at the heart of India’s electric mobility revolution. This report provides a roadmap to empower these businesses, ensuring India’s leadership in sustainable transportation.”
Event Insights:
The Viksit Bharat Conclave 2024 brought together policymakers, industry leaders, and innovators to discuss the future of India’s EV sector. Organized by PHDCCI, with OMI Foundation as a knowledge partner, the event featured discussions on sustainable development, green technology, and the role of startups in India’s EV revolution.
With the insights from this report, policymakers and industry leaders are expected to take actionable steps toward creating a more supportive ecosystem for EV startups and MSMEs, ensuring a sustainable and inclusive future for India’s electric mobility landscape.
