Rs 160 Bn Capex Required to Meet Public EV Charging Demand by 2030

18 Dec 2024 CW Team

India will need a capital expenditure of Rs 160 billion by 2030 to meet the public electric vehicle (EV) charging demand and achieve the goal of over 30 per cent electrification, according to a report by FICCI. The "FICCI EV Public Charging Infrastructure Roadmap 2030" released stresses the importance of maximizing the utilisation of charging stations to ensure profitability and scalability.

The report recommends prioritizing the top 40 cities for expanding public charging infrastructure, anticipating higher EV adoption in these cities within the next 3-5 years, driven by current trends and favorable state policies.

To meet the goal of 30-40 per cent electrification by 2030, the report suggests that India needs to align demand and supply-side enablers.

The growth of EVs in India is influenced by five key factors: economics, battery advancements, regulations, consumer demand, and charging infrastructure. Government initiatives such as the PM E-DRIVE scheme offer substantial incentives to promote EV adoption. Following the expiration of the FAME II scheme, this new scheme offers incentives for E2W, E3W, and E-buses. Additionally, GST rates on EVs are set at 5 per cent, compared to 28-50 per cent for traditional vehicles.

The FICCI report also calls for GST standardisation on EV charging services to align with the tax rates across the EV value chain.

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