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India’s EV Sales to Cross 7% by FY28? The Reality Behind India’s Electric Push A recent report by CareEdge Ratings suggests that India’s electric car market could cross the 7 percent mark of total passenger vehicle sales by FY28. This projection reflects growing consumer awareness, supportive government incentives, and gradual improvements in the EV ecosystem. However, the path to this milestone is far from straightforward. The report highlights a few critical challenges and enablers: • Heavy reliance on imports: India depends significantly on imported rare earth elements and key battery raw materials, which could pose supply chain risks if not mitigated. • Charging infrastructure gaps: While metro cities are seeing growth in charging points, the pace of development in semi-urban and rural regions must accelerate to support widespread adoption. • Need for domestic manufacturing: Localising production of components and batteries can strengthen supply chains and reduce dependence on global markets. • Policy consistency: Long-term policy clarity and incentives will be crucial for manufacturers and consumers to invest confidently in EVs. • Consumer confidence: Continued focus on improving vehicle range, charging speed, and affordability will drive higher adoption rates. India’s push towards cleaner mobility is commendable, but turning this vision into reality requires a coordinated effort across the industry. Automakers, policymakers, and investors must align to overcome these hurdles and build a resilient, scalable EV ecosystem. Do you believe India will achieve this 7 percent milestone by FY28? What critical steps do you see as non-negotiable for the industry’s growth?
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