The Government of India is focusing on building a robust EV ecosystem supported by research, innovation, and infrastructure development. Under the PM E-Drive scheme, the government aims to boost battery technology, recycling, and charging infrastructure.

Nov 20, 2024

At FICCI’s National Conference on Electric Vehicles, Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy revealed that India has set an ambitious target of achieving 30 percent electric vehicle (EV) sales penetration by 2030. The government is focusing on building a robust EV ecosystem supported by research, innovation, and infrastructure development.

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Minister Kumaraswamy said the government is working on initiatives under the PM E-Drive scheme which aims to boost battery technology, recycling, and charging infrastructure.

The EV industry has grown to 23 percent penetration in four years, driven by subsidies that have progressively declined from INR 1 lakh to INR 25,000 per vehicle. These subsidies will continue until FY26, after which the sector will reach self self-sustainability,” said Dr. Anish Shah, FICCI President and CEO of Mahindra Group.

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The growing EV market in India provides a major opportunity for wire and cable manufacturers across the nation.