FKCCI’s Legacy and Impact on Karnataka’s MSMEs and Industrial Development

FKCCI is organizing the MSME Conclave-2024 with the support of* *Ministry of MSME, Government of India on 30th & 31st August at Palace Grounds, Bengaluru.*

This MSME Conclave-2024 presents an exceptional opportunity to network with major PSU’s & Corporates for vendor development & facilitating preferences in government and corporate procurement for MSME products and services under Make in India Scheme.

The Federation of Karnataka Chambers of Commerce & Industry (FKCCI), an esteemed organization with a history of 108 years, was founded by the illustrious Bharata Ratna Sir M. Visvesvaraya.

He is celebrated for his engineering excellence, visionary leadership, and significant contributions to both institutional and national development.

FKCCI currently boasts a membership of approximately 3,800 direct members and 250,000 indirect members. Its legacy began with the establishment of the Mysore Chamber of Commerce on May 8th, 1916, which was dedicated to serving the interests of the business community from its inception.

Over time, the Chamber evolved into what is now the Federation of Karnataka Chambers of Commerce and Industry (FKCCI). Guided by distinguished industrialists for over a century, FKCCI has solidified its position as the leading organization for industry, trade, and service sectors in Karnataka.

From its inception, FKCCI has been committed to promoting the interests of the state and the nation by fostering economic growth through both public and private sector initiatives.

It actively influences policy-making at the State and Central levels, with its membership representing diverse sectors of industry, trade, and services, highlighting its broad influence.

With more than a century of dedicated service to commerce and industry, FKCCI is recognized as one of the foremost chambers in the country and holds the distinction of being one of the oldest chambers in any Indian state.

The Federation includes a wide network across Karnataka, comprising District Chambers of Commerce and Trade Industry Associations.

FKCCI is a member of national bodies such as FICCI and FIEO, facilitating trade collaborations between Karnataka industries and international enterprises through its global affiliations. FKCCI actively engages in discussions with international trade entities, furthering opportunities for Karnataka’s industries on the global stage.

About MSME

The Micro, Small, and Medium Enterprise (MSME) sector is a highly dynamic and vibrant segment of the Indian economy. MSMEs play a crucial role in providing significant employment opportunities at a relatively lower capital cost compared to large industries.

They also contribute to the industrialization of rural and backward areas, reducing regional imbalances and ensuring a more equitable distribution of national income and wealth.

After agriculture, the MSME sector holds the second-largest share in employment generation. MSMEs are instrumental in the socio-economic development of the country, serving as the backbone of the industrial sector in terms of their sheer numbers.

Aims & Objectives

The MSME Conclave-2024 aims to strengthen the connection between Micro, Small, and Medium Enterprises (MSMEs) and Public Sector Units (PSUs) as well as corporate entities under the government’s procurement preference scheme.

The goal is to better understand procurement needs, enabling MSMEs to compete in the global market through vendor development, with a focus on creating indigenous products under the ‘Make in India’ program.

As India approaches its 5 Trillion Economy milestone, the MSME sector has a unique opportunity to come together under one roof to explore solutions, build new connections, and learn from leaders in smart manufacturing and engineering.

This event will showcase cutting-edge innovations in hardware, software, and AI solutions to address the current industry’s needs. Participants will have the chance to stay updated on sector developments and learn how to navigate the increasingly complex and technology-driven landscape during this conclave.

Stall facilities are available for the display of products and services.

Conference / Experts Speak

Hear from experts in manufacturing and engineering as they discuss the latest technological advancements from leading companies in the field.

B2B – Vendor Development Meets

With key PSUs from the manufacturing and engineering sectors in attendance, this event provides an ideal platform for B2B meetings with companies such as BHEL, BEML, THALES, BEL, TATA Advanced Systems, Railways, and a full spectrum of industries from design, engineering, manufacturing, maintenance, and services.

Sectors Represented

• Machine Tools & Accessories
• Automation & Robotics
• Instrumentation & Controls
• Hydraulics & Pneumatics
• Auto Components & Accessories
• Castings & Forgings
• Electrical & Electronics
• IT Products & Services
• Light & Medium Industries
• Storage Systems
• Laser Technology
• Pumps & Valves
• EV Renewable Energy
• Power Tools
• Wires & Cables Harness
• Lubricants & Adhesives
• Material Handling Equipment
• Disposal Industry
• Metal & Steel
• Packaging Machinery & Equipment
• Plastics Machinery & Equipment
• Sheet Metal Components
• Safety & Security Equipment
• Testing & Measuring Instruments
• Pollution Control Systems & Equipment
• Welding Machines, Equipment & Technologies

Exciting Subsidy Opportunities!

100% Subsidy: A fantastic opportunity awaits Women and SC/ST Entrepreneurs in Aspirational Districts. Take advantage of this full subsidy to maximize your participation.

80% Subsidy: General Category participants registered under UDYAM in MSME can also benefit from an impressive 80% subsidy.

Who Can Participate?
Individual MSEs participating in Trade Fairs and Exhibitions are eligible for these subsidies.

Space Rent (Stall) Charges:

Enjoy an 80% subsidy on built-up space rent if you’re in the General category.

For Women, SC/ST, PH, and Aspirational District units, a full 100% subsidy is available on the minimum stall size for Micro and Small Enterprises.

Contingency Expenditure:

Get 100% coverage for travel, publicity, and freight, up to a maximum of Rs. 25,000/- or actual expenses, whichever is lower.

One representative from each participating unit is eligible for travel reimbursement, limited to AC II tier train fare or Economy Class Airfare per event.

Office Bearers:

Shree- Ramesh Chandra Lahoti- President

Smt- Uma Reddy- Sr. Vice President

Shree- M G Balakrishna- Sr. Vice President

Shree- B V Gopala Reddy- Immediate Past President

By Jairaj Srinivas,
Director General
Confederation of Indian MSME in ESDM & IT

“Forecast: India’s Economy Set to Rank Third Globally by 2027″

Various global projections indicate that India is committed to overtake Japan and Germany, positioning itself as the world’s third-largest economy by 2027, according to a note published by analysts at the investment banking firm Jefferies yesterday.

One decade ago, India ranked as the ninth-largest economy globally, but recent data indicates it has climbed to the fifth position, with a nominal GDP of $3.4 trillion. A forecast reported on by Business Insider is based on India’s current economic growth trajectory and a series of structural reforms that have significantly improved its macroeconomic landscape.

Confederation of Indian MSME in ESDM & IT:

Forecasts India’s GDP to reach $5 trillion within the next four years, aiming for nearly $10 trillion by 2030. This fiscal expansion, is supported by an anticipated annual GDP growth rate of 6% over the next five years, surpassing the growth rates of most large economies. Many investment firms predict significant growth in the Indian equity markets.

We feel that factors contributing to this outlook include structural domestic flows and the potential for large unicorn listings. “If India (6.3%) and China (4.2%) are left out of the top ten largest economies, the next in terms of growth rates is Canada at 1.6%. Thus, the gap between the top two and the rest is substantial.”

Factors Contributing to India’s Economic Growth

The growth of India’s economy is primarily due to a range of reforms implemented under Prime Minister Narendra Modi’s leadership—“the world’s most popular leader.” These reforms have fundamentally altered India’s economic environment, boosting its stability and appeal to international investors.

Notable among these reforms is the introduction of the Goods and Services Tax (GST), which unified the country’s tax regime, simplifying business operations nationwide. Additionally, the enactment of new bankruptcy laws has made resolving insolvency more efficient, while the demonetization campaign was designed to tackle corruption and reduce the prevalence of illicit money.

‘Make in India initiative’ initiated in September 2014—dubbed 1.0—has been crucial in catalysing investment, driving innovation, advancing skills, and establishing advanced manufacturing infrastructures. However, they argue that the next phase, ‘Make in India 2.0’, which targets an investment-friendly ecosystem, infrastructure modernization, and the opening of new sectors to foreign direct investment (FDI), should draw lessons from its predecessor.

They point out that 1.0’s infrastructure push was predominantly driven by government action. In contrast, 2.0 is expected to galvanize successful private sector investments, both from within India and abroad. “For example, the large impetus and investment in infrastructure during the 1.0 initiative were mostly government-led. The forthcoming 2.0 initiative would help spur successful private investments, both domestic and foreign, going forward.”

This is interesting because it underscores a strategic shift in economic policy from public to private-led growth, reflecting a maturing of India’s market economy and increased confidence in its private sector to drive sustainable development and innovation. “Improvements in the ease of doing business are a critical factor in India’s economic growth”, said Parulekar. He added, “Simplification and rationalization of existing processes have propelled India to the 63rd position in the World Bank’s Ease of Doing Business ranking in 2020.”

As a result of such concerted efforts, India has witnessed a significant increase in FDI, registering its highest ever annual FDI inflow of $84.8 billion during the financial year 2021-2022, a substantial rise from $45.15 billion in 2014-2015 and a multi-fold increase from $ 2.2 billion two decades back in 1999-2000, according to government data.

Accordingly, the last six financial years have seen FDI inflows worth $435.1 billion, which constitutes 55% of the FDI received in the previous two decades.

Subsequently, it is possible to conclude that multinational corporations might diversify their operations by investing in India’s expanding sectors, such as technology, manufacturing, and services in the near future. This diversification could shift the geo-economic landscape, establishing India as a new centre for innovation and industrial growth.

“Strategic partnerships between India and other nations could multiply, leading to increased trade agreements that foster closer economic ties,”. “The reconfiguration of global supply chains might also ensue, with India potentially becoming a pivotal figure in both regional and global logistics, benefiting from its strategic geographic location and extensive skilled workforce,”. The rise of India’s economy signals the emergence of a multipolar economic world order characterized by simultaneous collaboration and competition, with the far-reaching impact of its growth felt widely.

In this context, leadership and strategy must evolve in response to India’s burgeoning economic influence. For global leaders and decision-makers, this means reassessing and realigning their international strategies to include India’s economic trajectory as a central element of global commerce and policy.

Corporations and governments alike will need to prioritize understanding India’s market dynamics, regulatory environment, and cultural nuances to effectively engage and collaborate. This evolving landscape calls for visionary leadership that can embrace the nuances of India’s economy and leverage its growth for global strategic advantage.

Evidently, the potential for India to act as a catalyst for economic growth extends beyond its borders, presenting a compelling case for enhanced regional collaboration and economic diplomacy. The strategic implications are clear: those who anticipate and adapt to India’s rise will be well-positioned to thrive in the unfolding new global economy.

India’s electric vehicle (EV) sector undergoes significant growth, driven by global sustainability initiatives
and national carbon reduction goals. This evolution extends beyond a mere shift from traditional to electric power, embracing advanced electronics and cutting-edge technologies.

Major industry players shape this transformation through substantial investments and collaborations, emphasizing a shared commitment to building a robust EV ecosystem. At the forefront of technological progress are Application-Specific Integrated Circuits (ASICs), the unseen architects behind the intricate electronic systems powering EVs.

Unveiling the EV Landscape: Growth, Trends, and Government Initiatives

The Indian EV market, valued at $5.50+ billion in 2023, is projected to surge to $36-37+ billion by 2028,
boasting a remarkable compound annual growth rate (CAGR) of around 45+% (Mordor Intelligence). Commercial vehicles dominate this trajectory, indicating the expanding footprint of sustainable mobility.

The government actively promotes EV adoption through initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, particularly FAME II, providing financial incentives for electric two-wheelers, three-wheelers, and four-wheelers.

ASICs: The Unseen Powerhouses Driving EV Efficiency

ASICs emerge as the backbone of modern EVs, orchestrating the complex interplay of electrons within these vehicles. From controlling electric motors to managing battery systems and facilitating onboard communication, semiconductors play a pivotal role in ensuring the seamless operation of EVs. VLSI chips, governing motor drive circuits and inverters, optimize power electronics components, enhancing efficiency and minimizing energy losses.

This flexibility in VLSI design leads to tailored implementations, fostering tangible improvements in power conversion and overall performance.

AI Integration: Transforming EVs into Intelligent Mobility Solutions

Embedded AI solutions usher in a transformative era in the automotive industry, enabling real-time data
processing for advanced driver assistance systems (ADAS), predictive maintenance, and adaptive energy management. This integration not only enhances the cognitive capabilities of EVs but also establishes a foundation for a more intelligent and efficient ecosystem.

Overcoming Challenges: Semiconductor Design, Charging Infrastructure, and BMS Optimization
The Indian EV ecosystem faces challenges that demand attention for sustained growth. These include designing energy-efficient semiconductors, establishing a robust and smart charging infrastructure, and optimizing Battery Management Systems (BMS) for cost efficiency and longevity.

Opportunities for Growth: MosChip’s Perspective

From MosChip’s standpoint, opportunities for growth in India’s EV ecosystem include Real-Time Operating Systems (RTOS) integration for enhanced responsiveness, FPGA development for automotive electronics optimization, custom ICs and power electronics development, sensor fusion technology for advanced perception, and cybersecurity implementations to address evolving threats.

Future Outlook: Shaping a Sustainable and Competitive EV Ecosystem

The future of India’s EV industry appears promising, with advancements in semiconductor technologies like wide-bandgap semiconductors poised to revolutionize efficiency and reduce energy losses.

Government commitments to green mobility, coupled with advancements in automotive electronics, set the stage for a sustainable and competitive EV ecosystem. Increased collaboration, improved charging infrastructure, and continued technological advancements will likely accelerate EV adoption, shaping a future where efficiency, safety, and overall success dominate Indian roads.

In this landscape of advancing technology, MosChip remains dedicated to delivering world-class embedded solutions for automotive applications, steering the future of automotive electronics towards precision and efficiency.

It will be  between 2022 and 2030,with 10 million annual sales by 2030, as per the Economic Survey 2023. At the COP26 summit, India pledged to achieve net-zero emissions status by 2070 and to lower its emission intensity by 45% from 2005 levels by 2030.

EVs could help realize these goals and play a pivotal role in India’s green transition. India’s adoption of electric vehicles is hampered by the lack of significant charging infrastructure.  However, the government is looking forward to developing a nationwide charging infrastructure network.

Adequate investments must be made by the manufacturers and emphasis should be given to the Research and Development (R&D) so that innovative methods of EV manufacture, battery disposal, battery use, and extraction of minerals required for EV batteries should be established to minimise any footprint left by EV adoption on the environment.

The proactive measures taken by the Government, as well as the State Government to accelerate EV transition, development of local manufacturing of batteries, and increasing affordability of the vehicles, augur well for the sector which is anticipated to see long-term growth in the future.

The overall outlook for EVs in India is positive, and the country is well on its way towards achieving a sustainable and eco-friendly transportation ecosystem.Electric Vehicles (EVs) penetration in India is still in its nascent stage. The move towards green energy is leading to soaring EV sales in India.

The underlying intent for the adoption of EVs is rooted in clean environmental practices and Original Equipment Manufacturers (OEMs) are adopting policies to ensure that the EV adoption process is aligned with the goal of an emission-free environment.

The electric two-wheelers (E2W) segment has witnessed significant growth over the years and currently it comprises around 62% of total EV sales in FY23. E2W sales in FY23 grew by 188% compared to the previous year.

The CAGR of E2W during the period FY19 to FY23 stood at 92%. This increase in sales can be attri-buted to the shift in customer preference towards EVs owing to government subsidies and tech-    nological developments, lower running costs, low maintenance charges, and growing sensitivity towards the environment.

According to analysts, “Favorable state government policies coupled with central schemes have aided increasing penetration of EVs in states like Delhi and Maharashtra.

These states are also relatively better placed in terms of the availability of charging stations, though still far behind in terms of the actual requirements. Delhi, Maharashtra, Haryana, UP, Delhi, and Punjab have the most holistic EV policies while Arunachal Pradesh, Manipur, Himachal Pradesh, Ladakh, Kerala, and Uttarakhand’s policies are the least comprehensive.

Going forward, continued government thrust in terms of incentives and setting up charging infrastructure along with new model launches by major players is likely to drive EV adoption in India which will help the country in achieving a sustainable and eco-friendly transportation ecosystem.”

E2W leading the way in green mobility

The E2W (Electric 2-wheeler) sales in India have witnessed significant growth over the years. E2W sales grew by 188% in FY23 as compared to the previous year FY22.

The sales of low-speed E2W are higher as compared to high-speed E2W. Further, in the electric two-wheeler segment, electric scooters have been a favourite choice for consumers so far, accounting for the majority of sales.

However, numerous launches are expected in the high- speed electric motorbike market, especially from the established players in the coming years which will provide impetus to this segment.

The E2W sales continued to soar in FY23 which can be attributed to the shift in customer preference from petrol two-wheelers to electric ones due to competitive prices (owing to government subsidies and technological developments), lower running costs, low maintenance charges, and growing sensitivity towards the environment.

The increase in demand is primarily due to the government’s support through various incentives offered under the FAME-II scheme (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles).

Under the FAME-II scheme, the incentives for E2Ws have been increased from Rs. 10,000/kWh to Rs. 15,000/kWh, and the cap on incentives has gone up from 20% to 40%.

In addition, many states are offering additional subsidies & other incentives such as waiving off registration fees and road tax for electric vehicles. However, there was some impact on E2W sales in FY23, due to the withholding of subsidies under FAME II for not complying with Phased Manufacturing Programme (PMP) guidelines under the scheme.

The industry has received good government backing over the last few years to increase EV penetration in India. The initiatives taken by the central government and the states to speed the EV transition, promote local battery production, and increase electric vehicle affordability augurs well for the sector.

The EV two-wheeler segment penetration within the total Indian two-wheeler market is around 4% in FY23. On the other hand, the E2W segment contributes approximately 62% of the total EV market sales.

The E2W technology has now matured to a significant level and many manufacturers have entered the market with saleable products.

In terms of various categories of vehicles, the two-wheeler segment is most promising because the prices of E2Ws have become competitive with that of traditional counterparts in recent times due to supporting policies of the Government of India.

Such vehicles can also be served by relatively low-power chargers and the growth trajectory of this industry appears to be promising.

Few state policies have comprehensive designs which balance E2W sales, manufacturing, and overall ecosystem growth. The increasing number of public charging stations is expected to be driven by a range of players, such as pure-play charge points operators, oil marketing companies, utilities, and EV fleet operators.

The public sector oil companies such as IOCL, HPCL, and BPCL also plan to set up EV charging facilities. In addition to that, a host of private sector companies and start-ups have recently ventured into the business of electric vehicle charging.

Delhi, Maharashtra, Haryana, Uttar Pradesh, Delhi, and Punjab have the most holistic EV policies while Arunachal Pradesh, Manipur, Himachal Pradesh, Ladakh, Kerala, and Uttarakhand’s policies are the least comprehensive.

As per the Society of Manufactures of Electric Vehicles, the demand incentives are given under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME) scheme phase-II till October’22 for E2Ws is Rs. 2,464 Cr. approx. which is further supporting the growth.

Electric two-wheelers are also becoming more popular, as many low-speed category models are exempt from RTO registration and driving license requirements. E-scooters witness higher sales than e-motorcycles due to lower upfront costs and the availability of more models in the market, which provide ample options for buyers, further driving its adoption.

One of the critical drivers of growth is the rise of numerous brands in the E2W space, such as Ather, Ola, Hero Electric, Bajaj, TVS, Okinawa, Pure EV, and Revolt. More options are pushing better adoption across price points.

As a result, electric two-wheeler sales across India are on the rise, including in Tier 3 and Tier 4 cities. The daily commuter and heavy users save substantially with the advantage of lower cost of ownership, making E2Ws the right choice for players such as food aggregators and last-mile delivery partners.

The total cost of ownership can be lower by over 50% compared to an ICE vehicle. Limited range, and poor charging infrastructure plague India’s 2W market. Despite strong market tailwinds, challenges remain for faster adoption of E2W: from both the demand and supply side.

The primary challenges faced by electric two-wheeler users in India were poor battery charging infrastructure, limited top speed, unavailability of prompt support network, less range and poor build quality.

More Focus Needed to Remove Speed bumps to Accelerate EV Adoption

There are many roadblocks in the Indian market that is preventing the wide- spread adoption of electric vehicles.

The Indian government is continually seeking to stimulate the use of electric vehicles by decreasing the cost of gasoline imports and improving air quality by providing subsidies and other incentives although sales of these electric vehicles are increasing, there are several issues impacting the growth of EVs.

India’s adoption of electric vehicles is hampered by a large gap and a lack of significant charging infrastructure. Despite significant growth in the number of public charging stations over the last year, India still has a long way to go to achieve its goals.

As of January 2023, India had 5,254 public electric vehicle (EV) charging stations, to cater to a total of 20.65 lakh EVs. Till date, the FAME II program has provided subsidies of Rs. 10 billion to develop almost 2,900 charging stations across 25 states.

As of January 2023, Delhi has the maximum number of vehicles per charging stations, followed by Goa and Karnataka.  The gaps need to be addressed through better regulation, improved monitoring, mechanisms, and capacity building across the policy value chain.

The Ministry of Power revised its guidelines and standards for EV charging infrastructure. The revisions included easing provisions for EV owners to charge at home/office using existing electricity connections, a revenue-sharing model related to land use to make charging stations more economical, guidance on providing affordable tariffs, timelines for connectivity of charging stations to the grid, and a fixed ceiling on service charges for electricity.

The government has also been focusing on Battery Swapping Policy. The policy would initially focus on battery swap services for electric scooters, motorcycles, and three-wheeled auto-rickshaws, which may help in increasing the deployment of EVs for last-mile delivery and ride-sharing.

EV drivers can use battery swapping to replace discharged batteries with freshly charged ones at swap stations. This is faster than charging the vehicle and relieves drivers of range anxiety.

The battery is the most expensive component in an EV, switching it allows companies to offer it as a service via lease or subscription models which would help in lowering the cost of owning and maintaining the EV.

Due to import dependency, many EV manufacturers are importing Lithium and lithium-ion, further not complying with the Make-in-India initiatives. Lithium-ion batteries are the most popular and commonly used energy source for electric vehicles.

India does not have enough lithium reserves for manufacturing lithium-ion batteries and almost all-electric vehicles in the country run on batteries imported mostly from China, which is the largest producer.

As a result, all manufacturers import cells and battery packs.  India’s heavy dependency on imports for electric vehicle batteries has resulted in exorbitant prices for these vital components, and eventually, the high cost of electric vehicles.

In recent years, flex-fuel vehicles and other CNG, biogas, and ethanol vehicles have gained prominence aided by favourable running costs, improving penetration of dispensing stations across the country, and enhanced product offerings by original equipment manufacturers (OEMs). E20 fuel is a blended fuel that contains 20% ethanol and 80% gasoline.

India has advanced the target date for achieving 20% ethanol-blending in petrol by five years by 2025.

With the exemption of basic customs duty of denatured ethyl alcohol, the government plans to support and boost ethanol production. In January 2023, the Society of Indian Automobile Manufacturers (SIAM) also signed a memorandum of understanding (MoU) with the US Grains Council toward the promotion of higher ethanol blends in the Indian gasoline mix.

The cost savings offered by Compressed Natural Gas and Liquified Petroleum Gas (LPG, often referred to as Autogas) in comparison to petrol and diesel, supported by increasing infrastructure support for fuel stations, will lead to favourable demand for Internal Combustion Engine based automobiles.

However, the demand would be tempered by a reduced differential between traditional fuels and gas prices. The government is working towards addressing these issues in order to increase the demand for electric vehicles.

Government’s Continuous Push along with New Model Launches to Drive EVs Forward

There is a growing thrust on the adoption of electric vehicles (EVs) across the globe amid increasing carbon emissions which have serious repercussions including global warming.

The Indian government is aligned with taking steps to decarbonize the economy with a push towards electrification of mobility. As India is significantly dependent on crude oil imports and various cities in India are facing pollution menace, the Indian government has also acknowledged the need to promote EVs.

The Government’s initiatives along with growing concerns for environment & energy security, rapid advancements in technologies for power train electrification, and innovative newer business models are driving the sales of EVs.

The Government has taken various initiatives to support EV adoption in India. In the Union Budget 2023-24, the government has allocated Rs. 35,000 crores in order to achieve the energy transition, energy security and net zero objectives, which will help the EV industry.

India is planning to achieve 100% e-mobility by 2030 in smart cities and this opens up a huge market for EVs. PLI schemes has also been announced to assist the development of technology adoption that are currently low in India, and it can be used in collaboration with schemes for advanced chemistry cells (ACC).

The industry received good government backing over the last few years to increase EV penetration in India. Smart City Mission, is an urban renewal and retrofitting program by the Government of India with the mission to develop 100 cities across the country making them citizen friendly and sustainable.

EVs are the solution for both better quality of life and reduction in environmental footprint and hence EVs will be integrated as part of smart city transportation.  Smart mobility solutions are a must as it not only helps in a better quality of life but also help in reducing its environmental footprint.

The industry has received good government backing over the last few years to increase EV penetration in India. As the EV market is growing exponentially in India, vehicle manufacturers are gradually inclined to manufacture more electric-run vehicles.

A few major players in the EV market include Hero Electric, Ola Electric, Ather Energy, Tata Motors, Mahindra Electric, TVS Motors, Hyundai, and MG Motors.

However, other key players have announced plans to produce additional EV models fit for the Indian market in the future, thereby increasing market rivalry and boosting adoption. This massive shift to electric mobility in India made a tremendous impact on EV manufacturers in India.