India’s electric vehicle (EV) industry requires investments ranging from $20-30 billion to scale its charging infrastructure, as per insights from the India Energy Storage Alliance (IESA).
Debi Prasad Dash, President of IESA, pointed out the sector’s robust annual growth rate of 25-30% at the ‘IESA India EV Fast Charging Summit’ in New Delhi. However, he stressed that accelerating this growth further would demand substantial financial support to keep up with the surging EV adoption and infrastructure requirements.
Dash also referenced the awaited PM E-Drive Scheme, a crucial policy expected to influence state-level demand for EVs and related infrastructure. “The industry is eagerly anticipating the scheme. The government is working on analyzing vehicle density across states to ensure equitable resource allocation,” he said.
The Union Cabinet approved the PM Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) Scheme in September, allocating ₹10,900 crore for two years. This initiative seeks to expedite EV adoption and serve as a successor to the FAME program, which concluded earlier this year after a nine-year run.
IESA emphasized the need for cohesive public-private partnerships to establish a resilient EV ecosystem in India. While the PM E-DRIVE Scheme is a significant milestone, the projected investment highlights the scale of effort required to achieve a nationwide EV revolution.
Developing a robust charging network is seen as essential not only to meet the growing demand for EVs but also to position India as a leader in the global shift towards sustainable energy solutions.