India’s new electric vehicle (EV) manufacturing policy, which proposed to reduce import tariffs for global players committing to local production, has sparked a wave of optimism and debate. At its core, the policy is a bold move to position India as a global hub for EV manufacturing, leveraging the country’s low-cost production base, growing domestic market, and ambitious sustainability goals. But what makes this policy particularly intriguing is the timing.
With the geopolitical landscape shifting, India finds itself at the crossroads of a high-stakes rivalry between the US and China. This rivalry, centred on dominance in the EV sector could actually work in India’s favour—if the country plays its cards right.
Under its new leadership, the US is doubling down on its efforts to counter China’s growing influence in the global EV market. China has already established itself as a dominant player, with companies like BYD and NIO leading the charge in everything—from supply chain and production to innovation.
The US, on the other hand, is banking on its own EV giants, such as Tesla and Rivian, to reclaim ground. This competition is not just about economics; it’s about geopolitics, energy security, and technological supremacy.
For India, this presents a unique opportunity to attract investments from both sides, fostering a competitive and innovative EV ecosystem within its borders.
Continue reading: yourstory.com/2023/09/the-right-way-to-foster-the-indian-electric-vehicles-ev-ecosystem
