&w=3840&q=100)
Electric car sales penetration to cross 7% by FY28: CareEdge Advisory
The increase in penetration would also be dependent on government push for improving the charging infrastructure in the country.
India's electric car ecosystem has witnessed significant momentum over the past three years, growing from just over 5,000 units in FY21 to more than 1.07 lakh units in FY25, it said.
"India's electric car sales penetration is likely to cross 7 per cent by FY28, provided rare earth disruption is resolved in a timely manner. With a robust pipeline of model launches, expanding EV charging infrastructure and battery localisation under the PLI scheme, India is well-positioned to accelerate EV adoption," Tanvi Shah, Senior Director & Head, CareEdge Advisory & Research said.
While electric four-wheelers still comprise a small share of total EV sales -- dominated by two- and three-wheelers -- the segment is now entering a high-growth trajectory supported by both public policy and private sector commitment, it added.
The report noted that charging infrastructure, historically one of the most significant bottlenecks in India's electric vehicle (EV) adoption journey, is witnessing unprecedented growth.
Over the past three years, the number of public EV charging stations in the country has grown from 5,151 in CY22 to over 26,000 by early FY25, it said.
Besides, initiatives such as FAME III, production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) batteries, and basic customs duty exemptions on critical battery minerals -- including cobalt, lithium-ion waste, and graphite -- are expected to lower vehicle production costs and improve domestic supply chain resilience, it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 hours ago
- Time of India
India-US trade deal: India should negotiate agreement on its own term, says EAC-PM chief
Mahendra Dev, chairman EAC-PM (Image credits: X @MahendraDevS) India should negotiate the proposed India-US trade agreement on its own terms, keeping national interest in focus, said S Mahendra Dev, chairman of the economic advisory council to the Prime Minister (EAC-PM). He believes that India stands to benefit from lower tariffs and increased exports once Free Trade Agreements (FTAs) are finalised. "The overall approach of India is negotiating trade agreements with countries on its own terms and keeping in view the national interests. The negotiations are going on and the ultimate decision depends on the mutual interests of both countries," Dev told PTI. His remarks come as India and the US hold the fifth round of talks on a proposed Bilateral Trade Agreement (BTA) in Washington. India has taken a firm stand on the US demand for duty concessions on agricultural and dairy products. So far, India has not given any such concessions in the dairy sector under any FTA. India is also seeking the removal of additional tariffs on its exports, including 26 per cent on certain goods, and easing of high US tariffs on steel and aluminium (50 per cent) and automobiles (25 per cent). India has retained the right to impose retaliatory duties under World Trade Organisation (WTO) norms. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Everyone's Ditching Their Costly ACs for This Simple Gadget AiraBreeze Learn More Undo US President Donald Trump recently said that the proposed deal with India would be similar to the one signed with Indonesia. Under that agreement, Indonesia gave full market access to US goods, while its exports face a 19 per cent duty in America. Indonesia also agreed to purchase $15 billion in US energy, $4.5 billion in agricultural products, and 50 Boeing aircraft. On the economic front, Dev said there is no need to change India's current inflation target as the present system is working well as reported by PTI. Since 2016, India has followed a flexible inflation targeting (IT) framework with the Reserve Bank of India (RBI) aiming to keep inflation at 4 per cent, within a 2–6 per cent band. "It may be noted that higher inflation hurts the poor and middle class mostly. Low inflation is also important for sustainable growth," he said. Dev also supported continuing the Fiscal Responsibility and Budget Management (FRBM) targets to ensure sound fiscal management and warned that a higher fiscal deficit would increase inflation, raise interest payments, and reduce funds for development. "A higher fiscal deficit will increase inflation and hurt growth," reported PTI quoting Dev. He noted that the government has managed to reduce the fiscal deficit from 9.2 per cent of GDP in FY21 to 4.8 per cent in FY25, with a target of 4.4 per cent for FY26, and is sticking to its fiscal consolidation roadmap despite growing demands. PLI driving growth and jobs On the Production Linked Incentive (PLI) scheme, Dev said its full impact goes beyond just the targeted sectors, as it also benefits non-PLI industries due to interlinkages. "PLI incentives, along with FTAs with other countries, should attract FDI and enhance exports," Dev said as quoted by PTI. The chairman further cited studies showing that while direct value addition in electronics declined, indirect value addition rose, reflecting stronger links with upstream industries. The government is now focusing on increasing domestic value addition, cutting import content, and creating more jobs by boosting local manufacturing under the PLI scheme. The government introduced the PLI scheme across 14 sectors to promote domestic manufacturing, ramp up production, generate employment, and boost exports. The core objective of the scheme is to make Indian manufacturing globally competitive by reducing import dependence and increasing local value addition. Instead of a uniform model, the PLI scheme follows a sector-specific strategy tailored to the needs of each industry. Electronics exports and FDI rise In the electronics sector, the focus is on strengthening assembly operations and supporting the domestic manufacturing ecosystem. Today, India ranks among the top assemblers and exporters of mobile phones. Back in FY15, imported mobile phones made up 78 per cent of the market by value, but this dropped sharply to just 4 per cent by FY23. 'A similar trend can be seen in exports, with the electronics and renewable energy sectors witnessing a significant rise in FDI inflows,' Dev noted. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
Smartworks Coworking aims to 'scale up' business after market debut
Smartworks Coworking Spaces, the shared office space provider which made a market listing this week, aims to 'scale further' after adding 1.5 million square feet to its portfolio from January to March 2025. The Gurugram-based company has added an average of 1.3 million square feet of office space each year since 2022. 'Over the past three years, we have expanded to 10 million from 6 million square feet. In the first three months of 2025 alone, we added another 1.5 million square feet, bringing our total to over 11.5 million square feet,' Neetish Sarda, managing director of Smartworks, told 'Business Standard' in a telephonic conversation. 'Given the strong potential of the Indian market, we are confident in our ability to scale further. Despite operating on a high base, we have maintained a 35 per cent growth rate over the last couple of years, and we expect this momentum to continue,' he said without elaborating on the number. The company on Thursday listed at Rs 445.1, a near 10 per cent premium to its issue price and taking its market cap to Rs 5,067 crore. Its initial public offering (IPO) follows that by Awfis Space Solutions, which listed last year and now has a market cap of over Rs 4,662 crore. Public listings by WeWork India, Indiqube and DevX are in the works, driven by demand for co-working office spaces across markets and sectors. According to Anarock, co-working spaces were the second highest demand-generating segment for leased office spaces from January to June. Smartworks said it seeks a 'self-sustaining growth cycle', driven by cash inflows and demand for new and Grade A office spaces, alongside co-working and flex spaces. In FY25, the company reported Rs 250 crore in rental revenue. While overall revenue grew sevenfold and cash profits tripled, adjustments under Deloitte's audit process impacted the reported financials and resulted in a net loss of Rs 63 crore in FY25, the company said. Harsh Binani, executive director of Smartworks, said the company is expanding to 'high-performing cities' beyond India's top seven and scaling up its presence with larger buildings and increased capacity. The expansion will add to its portfolio of 54 offices in 14–17 cities in India, as well as in Singapore. 'In the new cities we're entering, we typically launch with one or two centres.' Smartworks has a client base of around 728 companies, including Google, Larsen & Toubro, Nothing, Groww, and Ernst & Young. The shared office space provider currently offers a total seat capacity of over 2.3 lakh across its centres. Binani noted that the company has increased its profits 3.5 times and doubled its revenue over the past two years, a momentum it intends to continue. 'We're currently growing 1.5 times faster than any other player in the market, and we expect this momentum to continue.' With the IPO, the total offer size comprises a fresh issue of equity shares aggregating up to Rs 445 crore and an offer for sale of up to 3,379,740 equity shares by certain existing shareholders. Smartworks has allocated Rs 114 crore from the proceeds for debt reduction and Rs 226 crore for fit-outs. Smartworks made its debut on the NSE and BSE, following the successful completion of its IPO. The company's shares listed at Rs 436.10 on the BSE, marking a premium of Rs 29.10. On the NSE, the stock opened slightly lower at Rs 435, reflecting a premium of Rs 28 per share.
&w=3840&q=100)
Business Standard
3 hours ago
- Business Standard
ONGC plans new 200,000-240,000 BPD refinery in Gujarat's Jamnagar
India, the world's third-biggest oil importer and consumer, wants to position itself as a global refining hub and is expanding capacity. Reuters NEW DELHI India's state-run Oil and Natural Gas Corporation is exploring building a 200,000-240,000 barrels per day refinery at Jamnagar in the western Indian state of Gujarat, a company source said on Thursday. The company is doing a pre-feasibility study for the project, the source told reporters. The source declined to be identified as the matter is not yet public. India, the world's third-biggest oil importer and consumer, wants to position itself as a global refining hub and is expanding capacity. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
