The Indian electric vehicle (EV) market is expected to see 40–45 percent EV adoption for two-wheeler vehicles and 15–20 percent for four-wheel passenger vehicles (PVs) by 2030
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India is walking the talk when it comes to green mobility. On February 1, India’s finance minister Nirmala Sitharaman announced a plan to provide customs duty exemption for importing capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles. “To further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles,” Sitharaman said during her speech.
The reduction in cost of manufacturing lithium-ion batteries could directly lead to a drop in price of electric vehicles in the country. “We believe that the thrust on electric mobility is the need of the hour,” says Ramesh Nair, CEO, India & MD, market development, Asia at Colliers. “The Budget provided provisions related to battery production, investment in energy transition, will give a fillip to the EV industry in India.