The driving force behind this is a confluence of factors, including the availability of the FAME-II subsidy, which has proven to be a catalyst, with a substantial budget allocation of USD 1.2 billion assigned to subsidise various EV segments, it said. The central government s commitment to fostering an indigenous EV ecosystem is evident in the approval of a USD 3.5-billion Production-Linked Incentive (PLI) scheme for the manufacturing of automobiles and auto components, thereby nurturing the development of the EV supply chain in the country, as per the report.
EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 per cent from 2023-2032 under business-as-usual conditions, according to the report.
The report, India Electric Vehicle Market Overview 2023 , by energy advisory, software and services firm, Customized Energy Solutions, also predicts a record-breaking sale of 1.7 million units in 2023.
Electric Vehicle (EV) sales in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 35 per cent with annual volumes likely to touch 27.2 million units by 2032, a report said on Friday.
The report, India Electric Vehicle Market Overview 2023 , by energy advisory, software and
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