The growing demand for green energy has made solar products more relevant in present times. The following are some of the recognized and undeveloped prospects for the solar energy business in India:
Businesses are increasingly going digital to break the cycle of escalating pollution and limit the usage of natural resources, which raises CO2 emissions in our environment. Currently, our country is riding the EV wave. EV Platforms are widely seen in the economy, and most people interact with them every day. EV technologies, and their ecosystems of complementors, are a manifestation of this shift in the way firms are organizing to create greater value for end-users.
Solar charging stations for electric vehicles have emerged as one of the best ways to reduce India’s dependence on fossil fuels for powering various modes of transport. We anticipate that in the coming years, nearly everyone who owns an Electric vehicle system will install a solar charging station in their home. This will necessitate a fundamental shift in how we think about refueling our cars, as well as a natural evolution of our energy infrastructure. The battery rating of an EV indicates the amount of power that it can store, which indicates how much power is required to fully charge it. And common EV battery sizes 100KWh to 200KWh. Solar-powered EV charging stations are the solution to bring that percentage down to zero. Not only is it beneficial for the environment, but it is also a major benefit for EV owners by reducing electricity bill.
The Indian government has concluded that no license is required to build charging infrastructure as long as it meets the 'Ministry of Power' standards. As a result, there is no need for a special permission to transmit, distribute, or exchange power for the purpose of charging electric car batteries.
State governments have even announced the mandatory installation of charging stations in commercial and residential complexes, as well as a particular percentage reserved for electric vehicles in such complexes,to pave the way for adoption of the EV eco system.
Finance Minister Nirmala Sitharaman made the announcement when introducing the Union Budget 2023, making electric vehicles (EVs) more affordable in India by extending the subsidies on their batteries.
Green Growth was included as one of the top 7 priorities in the Union Budget 2023. The Pro-EV budget focuses on crucial efforts like cutting the customs duty on lithium batteries from 21% to 13%.
The budget is seen as an important step towards India's transition to the electrification of its transport sector. The budget has announced several measures to encourage the adoption of electric vehicles (EVs).
That’s not all. As per the 2023 Economic Survey, India's domestic electric vehicle market would increase at a CAGR of 49% from 2022 to 2030, with annual sales reaching around ten million units by the end of 2030.
Furthermore, the EV sector will provide approximately 50 million related and indirect employment by 2030.
Apart from electric vehicles, we believe that there will be significant opportunities to invest across the value chain including component manufacturers, battery and battery management systems, and mobility services.
The Union Budget 2023 places a special focus on the car scrapping policy, giving sufficient cash to replace vehicles older than 15 years. Automobile makers applauded the move, which would present a big opportunity for fleet modernisation while significantly reducing fossil fuel usage.
The goal is to eventually benefit the whole automobile industry ecosystem by increasing order volumes for primary electric vehicle equipment manufacturers, increasing output, and creating jobs.
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Duration: Study options:
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Duration: Study options:
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