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ARTICLE · 09 APRIL 2024

Electric Vehicles: Driving Change In India

S.S. Rana & Co.
S.S. Rana & Co.
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S.S. Rana & Co.

S.S. Rana & Co.

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As the world transitions towards a greener future, electric vehicles (EV) have emerged as a potential solutions to combat climate issues and reduce the dependency on fossil fuels.

IndiaTransport
Rupin Chopra
Rupin Chopra
Shantam Sharma
Shantam Sharma
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As the world transitions towards a greener future, electric vehicles (EV) have emerged as a potential solutions to combat climate issues and reduce the dependency on fossil fuels. As the tech for EV's has become more affordable, India's EV market has also expanded to a value of USD 1,327.8 million in 2023, with the goal of having 30% of all cars sold in India to be electric by 2030. 1

To meet this ambitious target, the Government of India on March 15, 2024, introduced the New Electric Vehicle policy 2, showcasing a significant step towards promoting the adoption of electric vehicles across the country. As per the new policy, the government will lower custom duties on certain electric vehicles for companies that commit to at least Rs. 4150 crore (USD 500 million) in investment in addition to building a domestic manufacturing facility in the country. 3 This article delves into the key highlights of the new electric vehicle policy, various initiatives taken by the

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