The future of Electric Vehicles (EVs) in India looks very promising, owing to steps the Government and various industries are taking to promote their adoption. The Government has set a target of achieving 30% EV penetration by 2030 and has implemented various policies and schemes to support this goal. One of the key policies is the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which provides incentives for the purchase of EVs and their components.
In addition to the initiatives by the Government, the private sector is also investing in the development and production of EVs in India. Large automakers have already developed and launched EVs in the Indian market. Additionally, several start-ups are working on the development of affordable EVs. With the Government and private sector working together to set up charging stations across the country, the infrastructure for charging EVs is also developing.
The private sector is playing a pivotal role in accelerating the pace of the adoption of EVs; the sector is witnessing adoption from a diverse set of customer industries, including logistics, ride-hailing, etc. and is also receiving attention and interest from various sources of capital. Besides corporates, capital providers are also key stakeholders in the growth of the EV market in India. Given the nascent stage of the industry, it presents a highly dynamic and rapidly evolving environment.
At BDO India we understand the requirements of this fast-growing sector. Our experienced professionals identify the needs of various industry participants and handhold them through various challenges and provide pertinent solutions.
We help industry participants understand the dynamics of the industry including consumer trends, competitor strategies, technological advancements, government incentives, as well as best strategies to fund growth. These parameters are critical for companies to make informed decisions about where to focus their resources and how to best position themselves in the market.
We constantly engage with the industry through conferences, seminars, research reports, and articles on the latest developments and have developed a network of relationships that can aid in fostering connections with other industry leaders or potential collaborators.
We offer support in:
- Business Consulting and Market Research
- Goods & Services Tax and the Custom & International Trade Tax
- Assistance for Performance Linked Incentive scheme
- Due Diligence and Business Plan Preparation
- Tax Structuring