*The Indian EV market is forecasted to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR.
*The Indian EV battery market is projected to surge from US$ 16.77 billion in 2023 to a remarkable US$ 27.70 billion by 2028.
*India is on track to become the largest EV market by 2030, with rise in investment over the next 8-10 years.
*A cost-effective manufacturing base keeps costs lower by 10-25% relative to operations in Europe and Latin America.
*The imperative highlighted by a recent Confederation of Indian Industry (CII) report to set up 1.32 million charging stations by 2030 presents a significant growth opportunity for the electric vehicle sector.
*Presence of a large pool of skilled & semi-skilled workforce amidst a strong educational system.
*A subsidy of Rs. 5,790 crore (US$ 693 million) has been granted to electric vehicle manufacturers for the sale of 1,341,459 electric vehicles under phase II of the FAME India Scheme.
*A dedicated policy FAME II with a budgetary outlay of Rs. 10,000 crore (US$ 1.43 billion), to incentivize electric vehicle consumption and support manufacturing.
*100% FDI allowed under automatic route for the auto components sector.
*Electric Mobility Promotion Scheme with a Rs. 500 crore (US$ 60.18 million) budget to enhance green mobility and stimulate electric vehicle manufacturing in the country.
*India is emerging as a global hub for auto component sourcing and the industry exports over 25% of its production annually.
*Hyundai Motor intends to invest US$ 2.45 billion in Tamil Nadu over the next decade to enhance its electric vehicle initiatives in India. Also, the company is planning to assemble EV battery packs and install 100 charging stations for EVs.
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