Building bridges in a global EV supply chain: India's new EV policy

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Rising exports post PLI: After implementing PLI schemes, estimated export volumes from India will increase. Global carmakers that applied for PLI schemes started developing the strategy to shift their exports to India for frugal cost structures and to benefit from the available schemes.

Several carmakers and suppliers that initially missed the PLI schemes later expressed interest in joining. Nevertheless, the slow start of EV penetration in the market made new entrants cautious and inclined to test the waters before committing to substantial investments in the domestic market. Investing in EVs is a capital-intensive business. EV carmakers hesitated to risk their investment in a country where most consumers are value-conscious and the average selling price remains below $15,000. This scenario prompted the Indian government to develop a new EV policy for new players or entrants.

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