| | March 20218D espite the COVID-19 induced economic slowdown, the future of the Indian automotive & mobility players seems poised for robust growth in the near future. In fact, some beneficial trends have been accelerated by the pandemic which is currently boosting and will continue to propel a subset of the automotive industry i.e. the electronic vehicle segment. State and central governments are focused on pushing policies that will continue to instigate a lateral shift from petrochemicals to renewable energy driven mobility solutions. Here are the biggest developments that positively impacted the EV industry:DESPITE COVID-19, INDIAN START-UPS ATTRACTED INVESTMENTSEven in a pandemic ravaged economy, investors saw potential in the EV segment and continued to pump in money. Needless to say, the electrification of two-wheelers and three-wheelers is the top priority as they are extensively deployed for public transport and last-mile deliveries. Here are some investments witnessed by Indian start-ups in 2020:Nonetheless, several automakers have manufactured premium electric cars and ushered them into the Indian market in the last few years. India, therefore, stands at a position of advantage in the global EV ecosystem wherein stakeholders aware of price-sensitive consumerism have plenty of opportunities.The lockdown encouraged more and more people to opt for a safer commute in private vehicles, a trend that is likely to continue as social distancing and improved hygiene become the new normal. The EV segment has a vast untapped potential that can now be leveraged to solve the problem.PUSH FOR MAKE-IN-INDIA EV COMPONENTSThe Ministry of Heavy Industries & Public Enterprises (MHIPE), in May 2020, issued a directive to all the testing agencies falling under Faster Adoption and Manufacturing of Electric Vehicles in India (FAME II) encapsulating the eligibility criteria for the Phased Manufacturing Program (PMP). The notification covers parts of all kinds of electric vehicles including hybrids, plug-in hybrids, and fuel cell EVs and promotes domestic manufacturing at each stage of the EV value chain.Valid until 2024, the PMP lists all parts that must be manufactured and assembled in India, except for the ones listed below:THE BIGGEST DEVELOPMENTS IN THE ELECTRONIC VEHICLE INDUSTRY THAT HAVE TAKEN PLACE IN THE PRESENT TIMES & SHOULD BE ACKNOWLEDGED BY EVERYONEBy Gunjan Malhotra, Director, Komaki Electric Vehicle DivisionVANTAGE POINT
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