- India is among a handful of countries that support the global EV30@30 campaign, which aims for at least 30% new vehicle sales to be electric by 2030.
- The remodeled Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme.
- The FAME India Scheme is aimed at incentivising all vehicle segments i.e. 2 Wheeler, 3 Wheeler Auto, Passenger 4 Wheeler Vehicle, Light Commercial Vehicles and Buses. The scheme covers Hybrid & Electric technologies like Mild Hybrid, Strong Hybrid, Plug in Hybrid & Battery Electric Vehicles.
- Production-Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) for the supplier side
- It aims to give companies incentives on incremental sales from products manufactured in domestic units.
- Government has also launched PLI scheme for Auto and Automotive Components for manufacturers of electric vehicles.
The automotive industry is transitioning, with an increasing focus on hybrid and battery electric vehicles (BEVs or EVs). Meanwhile, the rise in fossil fuel prices, increase in the adoption of clean mobility solutions, and stringent government norms for emission control drive the growth of the global EV market.