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Building India an Electric Mobility Hub for Viksit Bharat

16 Sep 2024

India’s, sustained effort towards alternate powertrains is driven by 3 critical factors: - a) enhancing energy security b) reducing manufacturing import dependency and turning India into a global manufacturing hub and c) meeting carbon emissions targets. With a staggering 86% of oil being imported, resulting in an import bill of approximately $170 billion in FY ‘24, the transportation sector alone consumes nearly 40% of this imported oil, significantly impacting energy security. Moreover, the import of raw materials and components for vehicle manufacturing, amounting to around $18 billion in FY ‘24, signifies the strong import dependency. In terms of carbon emissions, India ranks as the fourthlargest emitter of CO₂ globally, with the transportation sector contributing roughly 13.5% of the nation’s total emissions.

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