India Must Adopt National EV Export Strategy as Global Sales Poised to Triple by 2030: FICCI Report

A new report by the Federation of Indian Chambers of Commerce & Industry (FICCI), in collaboration with Yes Bank, highlights that exports can play a crucial role in strengthening India’s EV ecosystem. Titled ‘EV Market - India’s Export Competitiveness’, the study was unveiled at the third FICCI National Conference on Electric Vehicles.

According to the report, developing export capabilities would help India increase production volumes, optimise cost structures and accelerate technological learning. It would also support market diversification and allow manufacturers to better navigate evolving global regulations.

As governments worldwide tighten standards around safety, cybersecurity, battery traceability and sustainability, compliance is increasingly shaping market access. Aligning with these international norms will be essential for Indian manufacturers seeking to participate in global EV value chains.

The report notes that supportive policies continue to drive the global transition to electric mobility. Purchase incentives grew by 5 percent year-on-year to reach USD 19 billion in 2024. Battery prices declined by 13 percent to USD 137 per kWh, supported by advances in cell chemistry, scale efficiencies and supply chain improvements. Public charging infrastructure also expanded by 30 percent during the same period.

Union Minister for Heavy Industries, H. D. Kumaraswamy, stated that India’s EV transition aligns with the country’s net-zero target for 2070. He emphasised that electric mobility represents both an environmental and industrial opportunity, with the potential to reposition India as a global manufacturing hub.

He also encouraged industry players to leverage India’s growing network of free trade agreements with regions such as the EU, UK and Australia to expand exports of EVs and components.

Industry leaders at the conference also pointed out that India has already developed a comprehensive EV value chain spanning critical mineral processing, battery manufacturing, vehicle production and charging infrastructure. With stronger policy support and export focus, the country could further integrate into global supply chains and enhance its competitiveness.

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