New Delhi: India’s burgeoning electric vehicle (EV) sector is poised to attract a significant $500 million investment, Commerce Secretary Sunil Barthwal said at the inauguration of the 10th edition of India Energy Storage Week (IESW) in Delhi.
Organized by the India Energy Storage Alliance (IESA), the event has gathered key policymakers and industry leaders to discuss and promote the adoption of energy storage, e-mobility, and clean technologies in India. “We are producing 21 million cars every year, and although the percentage of EVs may seem small at 1.6 million vehicles, it represents a vibrant ecosystem encompassing manufacturing of EVs, batteries, and charging infrastructure,” said Barthwal.
Highlighting the investment opportunities, Barthwal added, “There is a whole gamut of activities which will open up through this energy transition, presenting a great opportunity for global investors to invest in the entire value chain.”
Vikram Gulati, Country Head & Executive V.P. (Corporate Affairs & Governance) at Toyota Kirloskar Motor, discussed the economic potential tied to the EV market. “By 2037, we are set to be a $35 trillion economy if we keep growing at 7%. This growth will significantly increase the demand for transportation and mobility, with energy requirements for vehicles expected to quadruple by 2030,” he explained.
The event also witnessed the participation of international figures such as HE Mr Philip Green OAM, Australia’s High Commissioner to India, who emphasized the green energy sector’s role in strengthening the bilateral ties between Australia and India. “We are delighted to have a strong Australian delegation here, possibly the largest foreign contingent at this conference, which underscores our commitment to this sector,” Green said.
The event, which runs until July 5, 2024, will also include various sessions and discussions aimed at advancing India’s adoption of cleaner technologies and showcasing innovations in the international battery and energy storage sectors.
