Will India achieve its target of 30% EVs by 2030? Here’s what experts have to say

“If you look at new-age mobility, there are three things we feel are very critical. The mobility has to be clean, connected and convenient. This will be a transformation. The regular ways of selling automobiles are no more sufficient and leaders have to look at how do we play a clean, connected and convenient role, going forward,” said Mahesh Babu, CEO, Mahindra Electric.

Meanwhile, infrastructure plays a crucial role in turning the EV dream into a reality. As per a KPMG report, costs and infrastructure are among the main challenges being faced by the automobile and electronics industry to reach the 2030 vision.

“The whole supply chain in India has to be created and that goes right from the chargers, the batteries, etc., Everything has to be created. You have to invest and the market will follow. The battery prices are slated to come down to where we are in next 10 years,” said Naveen Munjal, Managing Director, Hero Eco.

Also, the government is working on battery packs, battery swapping models, etc and accelerating the cause.

“Regarding public charging infrastructure, the power ministry is in the final stages of coming out with a policy. They have already come out with the clarification as to what this charging would be whether it would be a service or sale of electricity. They have also indicated what the rate the discom will charge debate has been settled. The idea is to have one charger in a 3X3 kilometre grid and also at every 25 kilometres on national highway,” said Saurabh Kumar, Managing Director, EESL.

The NITI Aayog has already started faster adoption of EVs. The think-tank is focussing on system integration, shared infrastructure development and scaled manufacturing.

Anil Srivastava, Advisor, NITI Aayog, said, “We are going to manufacture 85 million vehicles in 2030, we have the projected growth rates of all the components of the automobile industry. The CAGR of the four-wheeler passenger vehicle is going to be the fastest, nearly 13.26% and similarly for the other components of the industry.”

KPMG, which is also celebrating 25 years of its operations in India, stated India is leveraging the opportunity and leapfrogging to new mobility initiatives

Santosh Kamath, Partner & Lead, Alternate Energies Practice, KPMG in India said, “We need to address two things, first is the range anxiety problems, which means charging infrastructure. Second is to create a bit more of consumer awareness and we need to think of a non-fiscal incentives also, green number plates, ease of registration, and so on.”

Many nations, especially China, have already started making sophisticated infrastructure to support EVs.

Ted Surette, Global Head of Power & Utilities, KPMG Australia, said, “The pace of innovation and technological advancement China is making in terms of their cost curve, also the sophistication of the supply chain and how that has made such a difference is phenomenal. India has a big opportunity.”

In conclusion, the experts called upon all the stakeholders to create manufacturing to cater to demands and achieve the 2030 target.

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