UK EV Delegation Explores Indian Market Amid Financing Hurdles

A UK delegation of SMEs explores the Indian EV market, aiming to boost bilateral innovation and trade. Led by Connected Places Catapult, the group addresses financing challenges facing India's EV adoption, while showcasing advanced technologies to foster partnerships and investment between the two nations.

A delegation comprising six UK SMEs specializing in electric vehicles visited Kolkata to identify prospects within India, focusing on fleet telematics and battery energy storage systems. This initiative aims to enhance trade and spark innovation in the 2- and 3-wheeler EV sectors between the UK and India.

The visit was orchestrated by Connected Places Catapult, in association with Global Business Inroads and the Bengal Chamber of Commerce and Industry. British Deputy High Commissioner Andrew Fleming emphasized the event's importance in advancing EV innovation and bilateral partnerships. However, financing barriers, such as resale value uncertainties and limited infrastructure, remain significant hurdles, as noted by the Finance Industry Development Council.

The FIDC has proposed solutions like creating a dedicated EV financing fund, reducing interest rates, and standardizing battery assessments to accelerate EV adoption. At a British Club session, UK SMEs showcased their technologies, opening opportunities for collaboration. Elena Williams of Connected Places Catapult expressed optimism about future partnerships to deepen EV ecosystem ties, enhance investment, and foster job creation.

(With inputs from agencies.)