EV Sector to Witness Investment Worth Rs. 94,000 Crore in Next 5 Years
The EV sector in India is likely to see an investment of around $12.6 Billion (Rs. 94,000) in the next five years. The investment can be beneficial to the real estate sector as the new manufacturing units will be established along with industrial parks. It can also push the government for electrification of public transport and introduce incentives for first-time buyers.
Many companies including Ola Electric and Ather Energy have put up plants in Tamil Nadu. According to a leading commercial brokerage professional services, 15 states have already approved the EV policies and more are in the drafting stage.
It is also estimated that India would need to establish around 26,800 public charging points by 2025. The report also said that there is also scope to develop retail and recreation spaces around charging stations. The government is also promoting such EV projects to reduce the dependency on crude oil and vehicular pollution.