Kavan Mukhtyar, Partner & Leader - Automotive, PwC India:
India's automotive industry contributes almost half of the country’s manufacturing GDP and contributes around seven to eight percent of India's GDP. It gives jobs to more than three crore people. And yet, one of the challenges that the industry faces is that it adds to concerns of pollution both for citizens as well as the Government.
Electric mobility is that new disruption for the auto industry that is really also going to create several new opportunities. We are finding that electric mobility in the country is really reaching an inflection point. The sales of electric two-wheelers as well as electric three-wheelers is really skyrocketing.
Policies from the government, like the auto PLI, the ACC batteries as well as the extension of the AME II scheme is really helping boost demand and consumer interest. I think with these trends in the market, we are going to see a whole new value chain getting created in the electric mobility ecosystem. We are seeing charging infrastructure startups coming in. We're finding new electric vehicle companies coming in and new Investments coming in. All in all, we believe that electric mobility is going to be the next frontier for the automotive industry, and will bring the next wave of investments and job creation. Clearly, electric mobility is going to be the next engine in India's growth story.
Sanjeev Krishan, Chairman, PwC in India:
India is the fifth largest car market in the world and has the potential to become one of the top three in the near future with about 40 crore customers in need of mobility solutions by the year 2030.
Keeping in mind the goals set under the Paris agreement, the Indian government is pushing the introduction of Electric Vehicles and this would not only reduce India’s oil import bills in the longer term but also ensure a cleaner environment.
The push for EVs through the Automotive PLI, FAME 2 and ACC Batteries scheme is also expected to play an important role in creation of the local EV manufacturing ecosystem. This in turn will create millions of new jobs and have a multiplier effect on economic development.
At PwC, we look forward to working with the Indian EV ecosystem to convert this huge opportunity for a cleaner and more sustainable future to reality while contributing to India’s growth story.