New Delhi: India’s electric vehicle (EV) sector needs $20-30 billion in investments to accelerate the growth of its charging infrastructure, according to the India Energy Storage Alliance (IESA).
Debi Prasad Dash, President of IESA, highlighted the sector’s current annual growth rate of 25-30% during the ‘IESA India EV Fast Charging Summit’ in New Delhi. He emphasized that doubling this pace would require significant capital infusion to meet the rising demand for EVs and their supporting infrastructure.
Dash also shed light on the long-anticipated PM E-Drive Scheme, which is expected to shape state-level demand for EVs and charging infrastructure. “The industry is waiting for the scheme to launch. The government is evaluating vehicle density across states to ensure appropriate allocation,” he stated.
The Union Cabinet approved the PM Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) Scheme in September with a budget of ₹10,900 crore for two years. The initiative aims to accelerate EV adoption and replace the FAME program, which concluded in March after nine years.
IESA’s projections underscore the need for robust public and private collaboration to build a sustainable EV ecosystem in India. While the PM E-DRIVE Scheme marks a step forward, the required investment highlights the scale of effort needed to achieve nationwide EV penetration.
By focusing on building a comprehensive charging network, experts believe India can not only meet the increasing demand for EVs but also establish itself as a key player in the global green energy transition.
