E-mobility: The road ahead

E-mobility, the burgeoning industry in India, has experienced a remarkable surge in recent years, rendering it a highly promising field with an array of potential prospects for businesses and individuals alike...

- Anmol Bohre

The potential of electric vehicles to emit significantly fewer pollutants than ICE vehicles can help reduce greenhouse gas emissions that contribute to climate change. Lower emission rates can subsequently improve the air quality index as well as promote public health.

Notably, the industry has enormous economic potential, including the creation of employment opportunities and augmenting investment prospects. Projections put forth in the IVCA-EY-Induslaw report indicate that the electric vehicle (EV) industry is poised to spark an exponential increase in the number of jobs available, with 10 million direct jobs and 50 million indirect jobs expected to be created by 2030. India is currently witnessing the emergence of a formidable EV financing market, with estimations by Niti Aayog , that suggest it will amass a substantial worth of $50 billion by 2030.

Government’s push towards e-mobility

The Indian government has been diligently pursuing the promotion of electric mobility in the country using a multi-pronged approach, with a primary focus on its FAME-I initiative. The policy framework of FAME-I provided a comprehensive range of incentives to both electric vehicle buyers and manufacturers, thereby expediting the widespread adoption of EVs throughout the nation.