EVS' share of auto parts industry turnover at 2.7% in FY23, up 1% yoy

Automobile components industry body ACMA has called for right investments in technology, focus on innovation, robust infrastructure and consistent government support with policies like PLI and FAME to power India's potential to become the hub of manufacturing excellence for EVs.

- NIVEDITA MUKHERJEE

Electric vehicles accounted for 2.7 per cent of the auto components industry's overall turnover, which is up from 1 per cent in FY22, according to Sunjay Kapur, President, ACMA & Chairman, Sona Comstar. "We've made significant strides in supplying components for EVs with greater investment in technology," says Kapur, who feels that with deeper focus on localization of advanced technologies, vehicle electrification will continue to rise in India, driven by cost economies. "India is truly moving in the right direction, and we look forward to zero emissions and net reductions in carbon footprint with EVS," Kapur added, his comments marking the 'World EV Day', 9 September, 2023, amidst active championing of production of EVs and components by the domestic industry.

Companies like Okaya EV have entered into partnership with the Small Industries Development Bank of India (SIDBI) under the 'Mission 50KEV4ECO"initiative towards accelerating the adoption of EVs in India, particularly among micro, small, and medium enterprises (MSMEs). Through the partnership with SIDBI, Okaya EV will be deploying 25,000 EV units, representing half of the SIDBI 'Mission 50K-EV4ECO' initiative, demonstrates our unwavering dedication. In line with its national mission, SIDBI's Mission 50KEV4ECO pilot scheme is designed to facilitate quick replicability and scalability of EV adoption through multilateral support. It paves the way for the forthcoming EVOLVE scheme, a collaborative effort between SIDBI and the World Bank, which will offer improved financing terms and innovative solutions to address evolving challenges within the Indian ecosystem.