Indian EV market could grow to nearly US$206 billion by 2030 – Ashutosh Verma, Exalta India

India is aiming to achieve 100% electric vehicles on the road by the year 2030. To do so, automotive manufacturers are in overdrive, embracing the move. There are a few hindrances, however. We speak to Ashutosh Verma, the Founder of Exalta India, to see his perspective.

Indian EV market could grow to nearly US$206 billion by 2030 – Ashutosh Verma, Exalta India

Sustainable, clean energy is the topic in everyone’s mind. Clean energy is an important topic in various industries across the world, and when it comes to the automotive sector, harnessing mobility with clean, renewable energy is the need of the hour. Although the concept of electric vehicles are relatively new to India, the country has a strong aim to achieve 100% electric vehicles by the year 2030. 

To do so, automotive manufacturers need the support of automotive component makers. Together, the transition to EVs will be stronger, alongside the support from the government. Many automotive manufacturers are headed this way, including a Noida-based company called Exalta India. Having been in the industry for over 10 years, Exalta India has electric two-wheelers on sale in India that offer a range of up to 80 km. 

Exalta India, having experience in the electric vehicle industry, Express Mobility reached out to Ashutosh Verma, the Founder of Exalta India to learn more. The company works on electric bikes, kids bicycles, electric powered wheelchairs for paralysed individuals, lithium NMC batteries, and HP SMF batteries, amongst others.

ashutosh verma interview exalta india founder
Exalta India offers electric scooters and kids bicycles under its product portfolio

Express Mobility: What do you think are the necessary steps needed to achieve 100% electric vehicles by the year 2030?
Ashutosh Verma: The infrastructure for charging stations is of utmost importance. Public charging infrastructure often seems to require high investments with minimal returns initially because of factors such as stand-alone land prices, grid infrastructures, etc. It is possible in the future to build electric roads with a lane that can be converted for electric charging on the go, and the government is presently conducting various pilot projects with discussions involving ventures based on the PPP model. There will likely be more options, like electric trains soon, which will be a big help. Only such measures can ensure success in a country like India with such a dense population.

EM: How has the semiconductor shortage affected the market, especially Exalta India?
AV: This is already a big problem for the world and us. The economic tremors sent by covid-19 only added to the already fragile supply chains in the semiconductor industry. India’s scene has been impacted mainly by the changes in import policy with China. Furthermore, we need to grow our manufacturing sector to become a self-sufficient market for electric vehicles. A demand-supply contrast due to production difficulties can affect the Indian auto industry in the festive seasons, at the time when consumers are ready and willing to spend.

EM: How can electric two-wheelers be made more affordable?
AV: Currently, India is working towards these goals. FAME-II scheme revisions subsidies for manufacturers will be a great boost towards making EVs more affordable. People need better finance options to go for an EV option. Normally, BLDC (Brushless Direct Current) motors haven’t been researched well in India, but it’s an essential step forward. Many people are working on its internal components, such as motors and batteries, but not on its cells. The Indian Electronics Industry has been working on the R&D for BMS (Battery Management System), but it hasn’t been very successful. Because of this, we mostly depend on other countries in this field.

EM: How according to you, can India transition to EVs faster?
AV: Indian EV market promises to grow at an estimate of nearly US$206 billion (INR 14,42,200 crores) by 2030. The transitioning to EVs need to be a solution step towards an existing problem. Different states have different problems, like for a city like Delhi, which is an employment hub with alarming pollution rates, EVs become a solution to fit in. The electrification of Indian roads would be beneficial since most Indians fear their electric vehicles running out of power (range anxiety). Other than that, two-wheelers are in high demand because of the rise in petrol prices. So far, electric scooters have not been well-financed, but soon EMIs will be available, making them more affordable. 

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First published on: 03-09-2021 at 20:59 IST