The Indian Private Equity and Venture Capital Association (IVCA), via a joint report with EY and IndusLaw, has forecast electric vehicle (EV) sales to cross nine million units in India by 2027. Dubbed “Electrifying Indian Mobility,” the report also highlights the need for the Government and larger investor community to come together and work towards more sustainable solutions.
Around $1.7 billion was invested in the EV industry in 2021 by the PE/VC investors, noted Rajat Tandon, President, IVCA. He said, 'This amount has reached close to $666 million in 2022 so far. While the Indian start-up ecosystem is focused on technological adaptation and environment, social aspects have also topped their themes for innovation.'
The EV industry is likely to create more than 10Mn direct jobs and 50Mn indirect jobs by 2030, the report said. It added that many new and first-time investors are joining the bandwagon.Electrification, as pointed out by Srihari Mulgund, New Age Mobility Partner, EY-Parthenon, has leveled the playing field across the value chain.
He said, 'Indian players must acknowledge this new dynamic and increasingly work towards becoming a global automotive powerhouse of the future.'
Kartik Ganapathy, Founding Partner, IndusLaw, added, “In a world ripe with innovation but rife with various stresses, it appears that the time is right for electric automobiles. IndusLaw is happy to be a part of the movement toward cleaner greener locomotion. There are challenges to solve and improvements to be made, and writing this report was a signal of IndusLaw's intent to be part of an enduring and sustainable solution. It was great to work on this publication with IVCA and E&Y, and we hope this report finds its place in the literature on the subject of EVs.”