New Report Highlights Challenges and Opportunities for Growth in the Electric Mobility Sector
A new report released by the PHD Chamber of Commerce and Industry (PHDCCI) in collaboration with the OMI Foundation has highlighted the key challenges facing electric vehicle (EV) startups and Micro, Small, and Medium Enterprises (MSMEs) in India. The report, titled “Powering Startups and MSMEs for an EV-Ready India,” was launched at the Viksit Bharat Conclave 2024.
The report offers a comprehensive analysis of the Indian EV ecosystem, outlining challenges such as regulatory complexities, financing barriers, and scaling infrastructure. It also provides strategic recommendations to address these obstacles.
Highlights of the Report:
- Indian EV startups are leading the charge towards a cleaner future through innovations in battery technology, software solutions, and EV infrastructure.
- While central policies like the Production Linked Incentive (PLI) scheme have created a foundation for growth, the report calls for more tailored schemes to address the specific needs of startups and MSMEs.
- The report recommends expanding credit access, diversifying financing channels, and fostering collaborations between startups, incubators, and financial institutions to bridge the funding gap.
- The report emphasizes the need for customized training programs and promoting the participation of women, marginalised communities, and vulnerable groups in the EV industry.
Sudhendu J Sinha, IRTS, Adviser, NITI Aayog said “The EV and Green-Tech sectors offer immense potential in driving India’s transformation.”
Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI said “Our collective efforts must focus on creating a supportive ecosystem for startups and MSMEs to thrive.”
The report is expected to serve as a valuable resource for stakeholders across the EV value chain, helping to shape policy reforms and drive the sustainable growth of startups and MSMEs in India’s electric mobility landscape.