The Indian automobile industry, currently among the top five largest in the world, is projected to become the third largest by 2030. The rising demand for electric vehicles (EVs) will propel a major portion of this growth

The future of the EV industry is promising in India. To reach the Net Zero carbon emissions target by 2070, India aims to achieve EV sales penetration of 70% for commercial cars, 30% for private cars, 40% for buses, and 80% for two and three-wheelers by 2030. To realize this vision, the government has launched several initiatives such as consumer subsidies, 100% FOL and production-linked incentives for EV manufacturing

Additionally, Green Growth is one of the top 7 priorities of the government as indicated in the Union Budget 2023 and the pro-EV stance by the government will further encourage investments in EV manufacturing and boost the demand for EVs in India.