Budget For EVs: The demand for electric vehicles (EVs) in India has surged by over 100% since 2017. In January-November 2023, EV sales skyrocketed to 89,137 units, doubling from 44,489 units in the corresponding period of 2022. Tata Motors, the EV leader, anticipates a slight moderation in 2024 due to a high base. However, they forecast annual electric car sales to reach 1 million units by 2028, supported by new launches and expanded charging infrastructure. Tata Motors aims for EVs to constitute 25% of its sales by 2027 and 50% by the decade s end.
FAME SCHEME In Budget: The Indian budget has a significant impact on the electric vehicle (EV) industry s growth trajectory. With the demand for EVs increasing, policies and support through budget allocations become pivotal for both the industry and consumers. Recent data indicates a soaring demand for EVs, with Tata Motors projecting substantial sales growth. However, challenges persist, including issues related to FAME schemes and the need for consistent policies and standards. The upcoming budget discussions will likely focus on sustaining incentives, funding extensions, and setting new frameworks for EV growth.
The Indian government plans to extend the FAME scheme, promoting electric vehicle adoption. However, subsidies for electric two-wheelers may end, leading to a potential 17-20% price increase. Industry experts, like Dr. Anshul Gupta, foresee a challenging transition but anticipate declining costs over time due to increased production volumes.
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Rapid growth in EVs has resulted in diverse employment opportunities, in various segments. Positions requiring expertise in computer science, software development, data science, and engineering are pivotal in designing, manufacturing and implementing safety systems in electric vehicles; so these skills are in high demand.