"We are concentrating on exporting EVs and batteries. As mentioned in our economic study, our objective is to generate close to 10 million vehicle units per year by 2030, possibly producing 50 million employment," Sinha added.

 

Despite the supply chain's issues, the market for two-wheelers continues to grow at an unstoppable rate. "Our expenditures were 800 crore three years ago, but they have already tripled to 2,400 crore." Gaurav Joshi, Deputy Secretary, Ministry of Heavy Industries, noted that this represents our growing requirement for the supply chain to be strengthened.

 

Furthermore, the finding of lithium mines in J&K and Rajasthan has given cause for optimism. However, "it can take between 7 and 16 years to extract the lithium and make it available for the industry," the source noted. This timeline emphasises the significance of concentrating on long-term recycling of imported resources such as lithium, nickel, and cobalt.

 

The effects are visible in the public transit industry. "The FAME scheme prioritises public transport. We have sanctioned 7,032 buses in FAME II, committed to 6,800, and are now delivering around 3,000. "Our efforts from 2019 are bearing fruit in 2023," Joshi remarked.

 

Furthermore, even though battery EVs have grown to be a sizable market participant, they remain just a small part of the overall EV story. Vehicles powered by hydrogen and fuel cells are also becoming formidable rivals.

 

In order for India to succeed in its ambitious EV goals, a comprehensive strategy taking demand, supply chains, technology advancements, and global market dynamics into account is essential.