India can usher in the beginning of the end of an ICE Age globally
Narendra Modi perfectly summarize where we as a nation are headed. As India embraces its 77th year of independence, we must understand the magnitude of the potential that the future holds. India has one of the world’s largest and fastest growing domestic markets, supported by strong policy momentum, entrepreneurial and innovative companies, world-class talent and capital access.
Driven by the adoption of clean technology and a steadfast commitment to renewable energy sources, our country holds a unique position in the world economy. This offers a promising foundation for us to steer the world towards a future of cleaner and more sustainable energy. Electric Vehicles (EVs) could serve as the cornerstone of India’s economic emergence: At the heart of India’s journey towards sustainable economic leadership lies its automotive industry, which offers a true reflection of our industrial capabilities and potential.
India is currently the world’s fourth largest automobile producer and third largest in sales, and this sector could well shape the global economic landscape. However, behind our remarkable achievements lies a reservoir of untapped growth potential. India lags other economies in terms of vehicle penetration by a big margin.
Just to offer a perspective, India’s 2-wheeler penetration in 2022 was only 148 per 1,000 people. Countries like China, Brazil, Thailand and even Vietnam are way ahead. Not to forget that India’s reliance on imported crude oil is an economic burden that leaves us vulnerable both environmentally and strategically.
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