Despite challenges, India’s electric vehicle (EV) industry has shown remarkable resilience and growth. Both domestic and foreign companies, in collaboration with the Indian government, have pledged substantial investments, totalling over INR 1 Lakh Cr, over the next 5-10 years. This commitment mirrors the confidence that stakeholders have in the potential of the Indian EV market.

Before delving deeper into understanding the factors driving the burgeoning Indian EV revolution, it’s essential to highlight that Union Minister for Road Transport and Highways, Nitin Gadkari, reported an astonishing 300% increase in EV sales in 2022. Furthermore, he anticipated that the Indian EV market would reach $266 Bn by 2030.