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Thinking of buying an EV? You're not alone in India.
The Indian Government has been pushing for the adoption of electrified vehicles in the nation for some time now. Subsidies at the national level under the FAME II scheme, as well as state-level promotions, have gone a long way in easing civilians into purchasing EVs. Ever increasing network of EV charging infrastructure courtesy of public and private sector investments is also a major contributing factor to the dynamics of the EV industry.
In a sitting at the Rajya Sabha, Minister Mr Nitin Gadkari, the Ministry of Road Transport and Highways of the Indian Government, has claimed that over 13 lakh electric vehicles are currently registered in India. This excludes registrations in Andhra Pradesh, Madhya Pradesh, Telangana State and Lakshadweep Islands. Testimonials presented by the minister credited the FAME II scheme for the adoption of EVs in India.
Under the FAME II scheme, 2,877 EV charging stations spread across 68 cities have been sanctioned. 1,567 charging stations will also be installed on nine expressways and 16 highways.
According to records kept by VAAHAN 4 portal, at the moment, 13,34,385 electric vehicles are registered in the country, and this excludes the vehicles registered in the three states and one Union Territory mentioned above. Gadkari also mentions that as of July 14th 2022, 2,826 charging stations are already operational as per reports from the Bureau of Efficiency.
In the last 3 years, EV sales in India have accounted for the majority of growth, and estimates suggest that the industry has the potential to grow at 36 percent CAGR. It is also projected that the sales in this fiscal year is set to triple when compared to sales in FY21-22. In FY22-23, India could record 8-9 lakh units in sales alone.
India is a strong automobile market, and the fact the country hosts 13.24 percent of all vehicles in the world goes a long way in showing the industry's potential in the country. Many manufacturers have already introduced at least one EV in India, and many more are already in the pipeline.