Revving Up India's EV Future: Rs 3.4 Lakh Crore Planned Investments Unveiled

India's EV sector is set to receive Rs 3.4 lakh crore in investment from domestic and foreign firms by 2030, aiming to boost electric mobility to 30%. Current progress is slow, but these investments focus on lithium-ion battery production and electric vehicle manufacturing, anticipating new real estate opportunities.

Indian electric vehicle (EV) industry is poised for a transformation with planned investments reaching a staggering Rs 3.4 lakh crore over the next six years, according to a Colliers India report. However, despite government efforts, reaching 30% electric mobility by 2030 remains a distant goal as progress lags behind expectations.

The report, 'EVs in India: Renewed Vigour in Electric Mobility', notes that India's EV adoption rate is at 8% with a projected sale of 2 million units in 2024. The investments, mostly in lithium-ion battery manufacturing and EV production, aim to expedite the industry's growth and spark opportunities in real estate, particularly industrial and warehousing sectors.

Despite these ambitious plans, significant challenges remain. A quantum leap in infrastructure, such as charging networks, and narrowing the cost gap between EVs and ICE vehicles, are critical to accelerating sales. Focused demand and supply interventions can potentially achieve targets by 2030, albeit with some delay.

(With inputs from agencies.)