India’s Ev Penetration Increases to more than 7 percent in 2024, May Reach 30 Percent By 2030

Electric vehicles (EV) sales have increased rapidly in India in the last few years. Last year, EV stake in total vehicles of about 7.4 percent. This figure is estimated to increase to 30-35 percent by FY 2030. Incentives are being given by the Central Government and the State Governments to increase the sales of EV.

The “SBI Capital Markets” report of SBI Capital Markets states that there was an EV in the sale of every four vehicles in the world last year. This report states that EV sales in the country may increase rapidly. This can be like that as shifted from 3G to 4G in the telecom sector. Incentives are also being given to increase the sales of EV. These include five percent of Goods and Services Tax (GST) on EV, low road tax in many states and PM E-Drive as well as FAME Schemes.

Electric two-wheelers and three-wheelers have a major stake in EV sales in the country. However, there are also obstacles such as high price and reduction in charging infrastructure in increasing sales of these vehicles. Efforts are being made to increase the use of renewable energy worldwide to reduce the impact of climate change and greenhouse gas emissions. Electric vehicles can also contribute a big contribution in this. It has been reported in this report that by financial year 2030, a capital experience of about 600 billion rupees will be required to reach 100 GWH battery capacity. About 75 percent of battery needs in the country are met by imports.

Last year, Road Transport and Highways Minister Nitin Gadkari said that the country’s EV industry can reach about 20 lakh crore rupees by 2030. This industry is currently worth Rs 4.50 lakh crore. There is a possibility of about five crore employment opportunities in this industry in the next five years. Gadkari had said that the increase in sales of EV is important as an alternative to petrol and diesel -powered vehicles. He had told, “We import fossil fuel worth about 22 lakh crore rupees. This is a big economic challenge. This import of fossil fuel in our country is facing a lot of problems.” After the US and China, India is the third largest automobile market in the world. Despite this, the number of EV in the country is quite low.