Huge Opportunity for India in EV and Sustainability Segments: BCIC EV Summit

Bengaluru, April 10, 2023: The first EV Summit for the calendar year by Bangalore Chamber of Industry and Commerce (BCIC) addressing the challenges, opportunities and growth in the EV Sector highlighted the fact that India is staring at a huge opportunity as the world transitions into alternate fuel technologies focusing on digitization, automation, and net zero emissions. Speakers were of the opinion that India has huge opportunities in R&D, hydrogen and alternate fuel technologies as the world moves towards a more sustainable future.

Delivering the Keynote address Kamal Bali, MD Volvo Group India said, “We are going through an era of profound transformation, and it is one of the most exciting, disruptive, and eventful times for Indian industry. We are entering into an era of accelerated innovation where partnership is the new leadership as we make the transition from ICE vehicles to EV mobility. It is encouraging that the Government is moving quickly to provide necessary policies to enable this transition. The transition of energy is going to be daunting, complex and costly. To be able to transition to new technologies we need more realisation of human potential for which upskilling, and education will play a vital role. We need to realise that EV mobility is more than mere climate change and sustainability is much more than the environment; so whatever you do should also be economically viable and socially inclusive where both genders contribute. The spotlight on India is like never before. An increasing number of international companies are looking at India not only for cost competitiveness but also competence, capability, and trust. This provides a huge opportunity for Indian Industry. Twenty years from now around 20% of global talent will be from India.”

In his address, Gnanendra Kumar, Additional Commissioner of Transport, Government of Karnataka said. “The 21st Century is the era of electric vehicles due to global warming and climate change. Studies show that around 40% of environment pollution is due to motor vehicles. Fossil fuel depletion and high costs are leading the transition from motor vehicles to electric vehicles which have close to zero environment and noise pollution. Statistics show a drastic increase in registration of electric vehicles in Karnataka with 1.93 lakh electric vehicles being registered, mostly in Bengaluru. Post covid there has been a 5% increase in registration of electric vehicles in the state.”

Setting the context of the EV Summit, Dr S Devarajan, Sr. Vice President BCIC and Sr. Vice President TVS Motor Company said. “India’s GDP is among the top 5 globally and has a potential growth rate of 8-10% by 2030. With industry targeting to make the environment better, the next ten years will witness the growth of alternate fuel technologies. Hydrogen is a crucial alternate fuel technology today and India has the potential to become a global leader in Hydrogen technology.”

In his address Ashim Sharma, Senior Partner and Group Head, Nomura Research Institute Consulting and Solutions said, “EV components require continuous improvement to keep up with evolving customer demand and disruption in traditional EV supply chains due to geopolitical reasons has led to the exploration of lateral opportunities. The growth in EV sales will bolster a rapidly expanding market for Indian component manufactures presenting a $4 billion opportunity in component manufacturing and 7x growth in charging infrastructure by 2025. India has a huge opportunity in cells and battery packs, fast charging infrastructure, affordable electric technology in emerging markets, and battery swapping technologies. Unlocking opportunities in India’s sustainability ecosystem will require continuous collaboration between policy makers and industry players and the push towards electrification will require skill upgradation in specific disciplines.”

Delivering the welcome address Dr L Ravindran, President BCIC Said, “As the world moves towards green mobility, India with its immense technological prowess and innovation capabilities is among the frontrunners in battery and alternate fuel technologies. While this EV Summit focusses on the challenges, opportunities and growth in the EV and sustainability segment, we are planning a series of future EV summits that will serve as a platform for knowledge and technology exchange.”

The BCIC EV Summit was attended by industry, academia and government.