India is at a watershed moment in its history, and the EV industry is at the forefront. The rapid growth of EVs presents India with a once-in-a-lifetime opportunity to emerge as a global powerhouse.

According to Sudhendu J Sinha, Adviser, NITI Aayog, India does not only need to be an EV-using nation, but EVs present the country with a unique opportunity to present itself as a global leader in manufacturing.

To achieve this, there has to be a resilient EV supply chain which involves sourcing of raw materials, processing and refining them, production processes including manufacturing lines, and recycling and circularity. If this entire chain and all its links, including drivetrains, BMS are within the country, we will be in a position to go ahead without any apprehension of dependence on external sources.

“The day we start manufacturing advanced chemistry cells and assembling them into batteries, we would be ready for this,” Sinha said.

Ashim Sharma, Senior Partner and Group Head at Nomura Research Institute, identified six key areas for pivoting to the next wave of the EV revolution: securing anticipated battery demands, exploring non-rare earth metals for EV motors, developing EV specific platforms, enabling ultrafast charging, promoting circularity, and upskilling the workforce with developed technologies.

Sharma emphasised how a lack of sufficient reserves of key raw materials such as lithium, nickel, and cobalt has forced India to rely entirely on imports to meet its requirements.