On November 19, 2024, Mr. HD Kumaraswamy, Minister for Heavy Industries and Steel, emphasized the importance of innovation and research in making electric vehicles more affordable and efficient. Speaking at FICCI’s national conference on electric vehicles, he highlighted the government’s efforts in supporting research on battery technology, charging infrastructure, and recycling. He said these initiatives are vital to creating a sustainable EV ecosystem under the PM E-Drive scheme, which aims to provide incentives and develop infrastructure to support both manufacturers and consumers.
Mr. Kumaraswamy stated that India is at a turning point in its transition to green transportation, which is not only about policy but also about ensuring cleaner air, energy security, and modernized transport. He added that electric vehicles reduce reliance on fossil fuels, lower emissions, and drive sustainable growth. He highlighted the Ministry of Heavy Industries’ role in promoting EV adoption, contributing to India’s net-zero emissions target by 2070. The minister also pointed out that advancements in areas like battery recycling, grid integration, and software-driven efficiency are enhancing India’s global EV position. He described electric vehicles as a transformative shift for India’s economy, society, and industry, with the government committed to strengthening the sector’s foundation.
Mr. Tarun Kapoor, Adviser to the Prime Minister, stressed the importance of the EV sector for energy security and India’s aspiration to become a global hub for EV manufacturing. He noted that India aims to achieve 30 percent EV sales penetration by 2030. For two-wheelers, he suggested setting higher targets with complete replacement in some cities. For three-wheelers, he said the switch should be 100 percent in targeted areas. On four-wheelers, he mentioned the government’s support and the need to address GST rates on batteries and charging stations. Mr. Kapoor also highlighted the government’s significant investments in charging infrastructure under the PM E-Drive scheme and suggested exploring the installation of EV chargers in cities, including parking spaces, offices, and public areas.
Dr. Anish Shah, President of FICCI and Group CEO of Mahindra Group, said the EV industry has seen significant growth in the past four years, transitioning from zero to 23 percent. He noted that subsidies have gradually reduced from Rs. 1 lakh to Rs. 25,000 as increased scale has brought down costs. Dr. Shah projected that subsidies would no longer be required after FY26, as the industry would have achieved self-sufficiency.
Ms. Jyoti Vij, Director General of FICCI, emphasized the government’s strong focus on the EV sector and how the PM E-Drive scheme is driving not just production but also adoption. She reiterated FICCI’s commitment to the growth of the EV segment.
Mr. Sudhendu Jyoti Sinha, Program Director at NITI Aayog, proposed the launch of an India Electric Mobility Index to rank states based on their performance in electric mobility. He said this initiative would encourage improvements, identify best practices, and facilitate knowledge sharing.
During the conference, two reports were released. The FICCI-McKinsey report outlined a public charging infrastructure roadmap, estimating Rs. 16,000 crore in capital investments would be needed by 2030 to meet India’s charging demand. The FICCI-Yes Bank report called for time-bound, quantifiable goals with regular progress reviews to ensure effective policy implementation and uniformity across states.
