A Project Report

On
FUTURE OF ELECTRIC VEHICALS IN INDIA
(INDIA READY FOR EV?)
Submitted in Partial Fulfilment of the
Requirements of the degree of
BACHELOR OF BUSINESS ADMINISTRARTION
(ACCOUNTANCY, TAXATION & AUDIT)
By
GAURAV MAJHI
Reg. No.: 213442051410036
Under the guidance of
ANIL PHILIP
(Assistance Professor)
INSPIRIA KNOWLEDGE CAMPUS
Affiliated To
(MAULANA ABUL KALAM AZAD UNIVERSITY OF TECHNOLOGY)
 CERTIFICATE

This is to certify that this Project report “FUTURE OF ELECTRIC VEHICALS INDIA (INDIA

READY FOR EV?)” is submitted to Maulana Abul Kalam Azad University of Technology in partial

fulfilment of the Bachelor of Business Administration (Accountancy, Taxation & Audit) Degree. This

study was carried out by Gaurav Majhi, 6th Semester, Roll Number: - 34451421045 and under my

guidance & supervision.

DATE: Supervisor: Mr. Anil Philip

PLACE: Designation: Assistance Professor

 CONTENTS

SERIAL NO. DESCRIPTION

1 DECLARATION

2. ACKNOWLEDGEMENT

3. ABSTRACT

4.
INTRODUCTION

5. LITERATURE REVIEW

6. OBJECTIVE OF THE STUDY

7. RESEACRH METHODOLOGY

8. ELECTRIC VEHICAL MARKET SCENARIO

9. MAJOR CHALLENGES

10. DISCUSSION

11. CONCLUSION

12. REFRENCES
 DECLARATION

I declare that this written submission represents my ideas in my own words and where other’s ideas or words

have been included, I have adequately cited and referenced the original source. I also declare that I have adhered

to all principles of academic honesty and integrity and have not misrepresented or fabricated or falsified any /

idea / data / fact / source in my submission. I understand that any violation of the above will be cause for

disciplinary action by the Institute and can also evoke panel action from the sources which have thus not been

properly cited or from whom proper permission have not been taken when needed.

GAURAV MAJHI

34451421045

Department of BBA(AT&A)

Inspiria Knowledge Campus

 ACKNOWLEDGEMENT

I hereby take this opportunity to express my sincere gratitude to the following eminent personalities

who supported me to complete this project work successfully without any difficulty.

I am indebted to Mr. Anil Philip, Assistant Professor, Inspira Knowledge Campus, for his expertise

guidance and valuable suggestions which enable me to submit this project report.

I would like to express my deep regard to our beloved HOD (Head of Department) Mrs. Sherry George,

for providing us better support in my academic endeavors. Finally, I would like to thank one and all

who have helped me directly or indirectly in preparing this report.

Name: Gaurav Majhi

Reg No.:213442051410036

Roll No.: 34451421045

 ABSTRACT

The automobile industry is changing globally. All businesses are considering a as it is essential for

sustainable development, a better substitute for fuel- based vehicles. Which is when electric cars (EV)

as an alternative are considered. electric automobiles can lessen the harmful pollutants that fuel-based

cars generate that can seriously harm the environment to the surroundings. However, these vehicles have

unique difficulties. In this paper, we'll address numerous infrastructural issues or obstacles for electric

cars. Paper furthermore offers India's current state and whether it is ready for electric automobiles. What

will happen Before electric vehicles became a common alternative, a few conditions had to be met. The

study also covers the government policies that must be implemented in order to achieve sustainable

development. Users encounter a variety of issues with charging stations. As a result, the document also

offers information on the specs of the batteries and the availability of charging stations, which shortens

the procedure a little. The report also discusses technical developments in the automotive sector with

reference to electric cars. The article also discusses the government's policy regarding electric

automobiles.

India is ready for electric vehicles (EVs) in some ways, but there are still challenges to overcome. India

has a history of manufacturing and using electric locomotives to pull trains, and the government has a

$3.5 billion manufacturing scheme to support EVs. In 2022, India sold 999,949 EVs, which is a 210%

increase from 2021. The government has also set a goal of replacing 30% of vehicles with EVs by 2030.

However, India still needs to improve its infrastructure, such as charging networks, to support

widespread EV adoption. The International Institute for Sustainable Development says the government

should also:

• Attract more private investment

• Improve regulations for battery collection, transport, and storage

 • Coordinate training programs for handling batteries

• Create labeling and traceability requirements

• Clarify contractual and ownership models.

To date, India lags behind other key markets such as China, Europe, and the United States.

The Global EV stock reached 7.2 million units in 2019, of which 47% were in China, 25% in

Europe and 21% in the United States. The rest of the world accounted for only 600,000 units,

with just 170,000 sold in India.

But EVs are of great interest in India. The electrification of road transport serves multiple

purposes. It is a green industrial policy that supports a post-pandemic economic recovery. It is

intended to reduce oil imports and strengthen energy security. And it is central to reducing air

pollution and mitigating climate change. It is a central component of net -zero ambitions

worldwide and an important carbon emission reduction measure, second only to greening power

sectors.
 INTRODUCTION

Quick URBANIZATION and the development of the car industry have had a major impact on

individuals and the environment as of late. The bulk of the cities in the country involvement urban

discuss contamination at very tall levels, fundamentally in the frame of CO, SO2, NO2, and PM

(Particulates). The transportation division is a critical supporter to natural contamination. almost

70%). The biggest toxin discharged by the transportation segment is CO. 90 percent of the add up to

outflows. Hydrocarbons take after CO in the arrange. One of these 90 % of all carbon dioxide

emanations are delivered by the transportation industry, which employments either ither gasoline or

diesel.

The car industry will account for half of all nursery gas outflows by 2030, concurring to the IEA.

The assessment emphatically infers that the show transportation worldview is unsustainable and

requires a critical patch up. India is the third-largest emitter of CO2 in the world, and in 2018 its

outflows rose by 4.8 percent to 2.9 billion tones, with the transport segment bookkeeping for 87

percent of all outflows. The previously mentioned truths and figures serve as a stark update that India

requires a more ecologically neighborly and energy-efficient transportation framework. Electric

vehicles (EVs) are one of the numerous conceivable outcomes for maintainable transportation, and

they are picking up validity as an elective frame of transportation (CVs). estimation and others are

considered, utilizing details that expect your paper as one portion of the whole procedures, and not

as a free archive. If you don't mind do not reexamine any of the current designations.

Based on the vitality source EVs can be classified int three types1 BEVs (fueled by as it were battery)

2 HEVs (crossover little battery and routine motor) 3 PHEVs (plug in with an expansive battery and

a little engine).
BEVs are respected as the purest sort of electric versatility since they are fueled only by batteries

and need a conventional motor, but HEVs are seen as the most valuable frame of portability since

they have both battery and a motor. Electric vehicles are more naturally neighborly and less hurtful

to the environment than their conventional counterparts.

Rapid appropriation of electric vehicles in India is apparent, with automakers assembly showcase

requests and the government's strong thrust. Moreover, the move to electric vehicles is on the rise,

with potential second-life utilization for EV batteries and the maintainability angle of lithium.

Government Of India declared that by 2030, all cars being driven in the nation will be electric cars.

Afterward they said that 30% of the add up to vehicles will be EVs to make it more reasonable. It's

a great thing to switch to EVs, as it is an environment-friendly choice but the government ought to

guarantee that the move will be smooth.

 LITERATURE REVIEW

The primary objective of this paper is to decide whether India is arranged for electric vehicles or not.

This will be decided utilizing an assortment of criteria, counting the framework for electric vehicles,

government activities, social impact, the steps the Indian car industry has taken, and others.

An outline of the work in the field of electrical vehicles is given by Mihir Biwas. Its investigations

the different sorts of electric vehicles and gives an improvement report for the EV industry. The issues

and issues secured in this ponder are various. At long last, it diagrams the potential for electric cars

in India in the future. A few critical benefits of electric vehicles have the potential to revolutionize

the car industry. India is the fifth most contaminated nation in the world, and automobiles that run on

petrol are a major supporter to this issue. By 2030, India yearns to be a country that as it were

employments electric vehicles.

Vehicle zap is a game-changer for the transportation industry since it has noteworthy vitality and

natural benefits, counting zero tailpipe outflows, a decrease in petroleum reliance, and tall vehicle

productivity (EVs are generally 3–4 times more productive than comparable inner combustion

motors, or ICEVs). With the help of auxiliary investigate, the objective of this magazine was to

comprehend the prospects and patterns for electric cars in the future. Agreeing to the creator, vehicle

zap coordinating synergetic partner with changes in versatility, such as urban small-scale versatility,

robotization, and mobility-as-a-service alternatives. It moreover adjusts with bigger charge and

decarbonization trends.

The reason of this paper is to talk about the imperative variables that must be taken into thought

whereas creating the framework for electric vehicle charging stations. The report talks about the

specialized progressions that are being made to make strides charging station framework plan and

administration practices.
With the potential to be unique hardware producers and benefit suppliers in the electric vehicle

segment, looks for to create and assess the components affecting the feasible generation of electric

vehicles in India. An intensive writing look was required to comprehend the development and

improvement of the electric car market.

The investigate is imperative for deciding the components that impact the take-up of electric cars in

India. For the case examination, both subjective and quantitative instruments may be utilized. The

objective is to recognize the components that influence EV appropriation in India. Numerous of these

components play a critical portion in why the nation is still falling behind in the appropriation of

cutting-edge innovation like EVs. Different factual strategies are open for the in-depth analysis.

India faces noteworthy weight to lower its vitality needs and nursery gas outflows since it is a major

vitality shopper. The selection purposeful of 65 clients toward the buy of EVs. Concurring to the

study's observational inquire about, purchasers' selection eagerly is emphatically connected with state

of mind, subjective standard, seen behavioral control, ethical standard, and natural concern.

In this ponder, an overview of Indian people is conducted to see what they genuinely accept almost

electric vehicles compared to conventional I.C. motor vehicles. This paper's major objective is to

comprehend the affect of execution desires, exertion desires, seen threat, social impact, seen security,

behavioral entomb, budgetary rewards, and seen environment on Indian consumers' choices to

purchase electric cars (EVs).

An individual's information of natural issues and inspiration to address these issues is characterized

as a natural concern. Customer selection eagerly is impacted by natural benefits, agreeing to

considers. Individuals who are concerned around natural issues and vitality preservation are more

likely to receive. Besides, natural preservation served as a major motivation or an imperative part in

drawing in clients. EVs ought to not as it were emphasizing vitality lessening; they ought to emphasize

natural assurance, which may boost adoption.

 OBJECTIVE OF THE STUDY

• To identify different sections where India is lacking in infrastructure development for Electric

Vehicles (EV).

• To understand different initiatives taken by government to adapt electric vehicles in India.

• To understand market scenario of electric vehicles after covid situation and different aspects

that will be challenges to the EV’s in India.

 RESEACRH METHODOLOGY

In India, electric vehicles are hard to come by on the road, cheval. Many potential EV users have

never seen, driven, or charged one. The characteristics of these vehicles are unknown to the general

public. A systematic questionnaire was used to collect data. The instrument that was created contained

data about constructions and their constituents. Thorough literature study was needed to comprehend

the general viewpoint, existing situation, and potential impact of electric vehicles on India. Through a

variety of internet resources, the majority of those research were centered on why EVs are vital for

the planet, particularly in India, and what are the problems connected with them, as well as what

actions have been made by the Indian government and the country's auto sector. We discovered that

the main limiting issues were a dearth of infrastructure for charging, a shortage of competent labor,

a dearth of items created in India, etc.

 ELECTRIC VEHICAL MARKET SCENARIO

India has one of the major car businesses in the world; it is presently the fifth-largest vehicle

division universally but is anticipated to rise to the third position by 2030. If India switches to

electric cars, it might advantage in the car division in a number of ways due to the relative wealth

of feasible vitality sources and the critical sum of labor show in this advertise in India.

A. MARKET REVIEW

The Indian Electric Automobiles Advertise was evaluated to be worth USD 5.1 billion in 2020,

and it is expected to develop to USD 47.3 billion by 2026, with a normal yearly development rate

of 44%+ all through the expected time outline (2021-2026). India's vehicle industry has endured

as a result of the countrywide shutdown and travel confinements brought on by the COVID-19

infection. The nation's showcase for electric vehicles is proceeding growing in spite of the

suspension and disturbance of the calculated generation and supply units.

While the Indian government is working difficult in this zone and electric car appropriation is

happening rapidly in India, it is right now or maybe challenging for Indian customers to grasp

electric vehicles on a huge scale. EVs are still a danger to the two-wheeler segment, but much

more work needs to be done since they are not comparable to fuel-based vehicles. Two- wheelers

fueled by fuel get superior mileage and are more cost-effective. The utilization of electric vehicles

for conveyance purposes is an unused endeavor being propelled by e-commerce behemoths like

Amazon. This imaginative program will offer assistance India gotten to be pollution-free. The

Indian government is too pointing to make electric vehicles, such E-buses, one of the fundamental

open transportation options.

B. CURRENT Situation OF EV IN INDIA

The COVID-19 widespread had a colossal affect on the vehicle industry, but request for electric

cars is still rising in portion since of unused models like the Tata Nexon EV, Tata Tigor EV, and

Mercedes-Benz EQC. The supply of lithium-ion battery packs has been hampered by the COVID-

19 widespread. Moreover, the Indian government has halted accepting battery shipments from

China due to inside issues, pushing it to center on battery generation. India is giving electric cars

a parcel of consideration in arrange to open up financial openings. The government has put in put

an assortment of controls with respect to electric vehicles that advance trade advancement and

client education.

C. GOVERNMENT INITIATTIVES

The Indian government created NEMMP 2020 (National Electric Versatility Mission Arrange) in

2013 and set the optimistic point of having 30% of Indian cars be electric by 2030 after seeing the

potential benefits of EVs (DHI 2017). Also, the Indian government restored the NEMMP 2020's

Popularity (Speedier Selection and Fabricating of Half breed and Electric Vehicles) extend,

investing a add up to of Rs. 264 crores (PIB, 2018).

Despite the government's concerted endeavors, the advertise share of electric cars in India's car

industry is still very little. There were 25,000 EVs obtained in 2016-2017, 92 percent of which

were two-wheelers and the remaining 8% were four-wheelers, making up indeed less than 2% of

the 25 million-strong country's transportation industry (SIAM 2017). The rate fell indeed lower

in 2018, with electric engines making up as it were 0.06 percent of all vehicles sold in India (PIB

2019). Each of these components recommends that government bolster is fundamental for electric

vehicles to ended up popular.

D. CHARGING INFRASTRUCTURE

Batteries that control electric cars must be completely charged in arrange for them to run. What

comes to pass, in spite of the fact that, if the cars lose their charge? In this circumstance, it has to

be charged at a charging station. There are presently fair 300 operational charging stations in

India, which highlights a need of satisfactory charging foundation. The government is hence

concentrating on this period and defining a arrange for burdening framework development.
 MAJOR CHALLENGES

A. HIGH COST

Customers cannot bear to spend so much cash on something unused. When compared to a car

with a fuel-based combustion framework, which costs up to 9 lakh Indian rupees with the

same offices, the modern Tesla Show 3's cost of generally 60 lakh Indian rupees cannot be

legitimized by those who need to buy one. As a result, the estimating ought to be kept

reasonable for Indians in arrange to allure people to take part in electric vehicles. To make it

attainable, we must to begin with desist bringing in supplies from other countries, as doing so

drives up the fetched of materials, at that point offer a few frames of motivations to EV makers

in arrange to persuade them to deliver more EVs.

B. LACK OF TECHNOLOGY

The around the world improvement of electric cars is more solid than Indian electric vehicle

innovation. Electric cars in India drop brief in terms of effectiveness, constancy, and speed.

It influences the advancement of electric cars. Also, India's imports are developing as the

esteem of its money decreases since India depends on other countries, such as China, for the

gear for electric vehicles. India is as of now fabricating its claim EV parts much appreciated

to proactive endeavors as imports of things and parts from China have been ceased due to the

COVID19 infection.

C. LACK OF Talented WORKERS

Any industry needs a talented specialist, but the electric car industry needs it more than others

since most people do not have any earlier information of the vehicles. Working in the EV

industry has ended up troublesome without it. Staff ought to get careful preparing on electric

car innovation to overcome this issue, which will move forward efficiency and exactness of

electric vehicle manufacture.

D. LACK OF MADE IN INDIA INITIATIVES

The consumer's wallet will without a doubt take a critical hit if they buy an EV from a

multinational organization like Tesla that is found exterior of India since they would have to

pay extreme tax collection and extract obligations. This is moreover one of the primary

reasons why customers in India are not acquiring electric vehicles (EVs), as they have an

exceptionally constrained choice of models and confront genuine issues like a need of gifted

labor (where will the customer go if they involvement an issue in the center of the travel) and

a need of charging points.

E. ENIVORNMENT CHALLENGES

The current state of transportation in India is stamped by noteworthy challenges that have

natural suggestions. These challenges significantly influence urban and financial scenes,

requiring critical consideration and activity. Key focuses to consider include:

• Rising Vehicular Proprietorship: The expanding number of street vehicles leads to activity

blockage, discuss contamination, and increased street mischance risks.

• Traffic Blockage: Fast urbanization has come about in congested streets, driving to time

wasteful aspects and expanded fuel consumption.

• Environmental Affect: The transportation sector’s dependence on fossil fills contributes to

discuss contamination, a driving natural concern.

• Climate Alter: The transportation division altogether contributes to nursery gas emanations;

worsening climate alter challenges.

• Sustainable Transport: The require for maintainable and proficient transport frameworks to
moderate natural affect and back financial growth.

F. GOVERNMENT ACTIVITIES AND POLICIS

The Indian government has taken critical activities and defined approaches in 2023 to advance

the appropriation of electric vehicles (EVs) and address transportation and natural challenges.

Key focuses include:

• Financial Motivating forces: The government offers endowments, assess breaks, and

motivating forces to make EVs more reasonable for consumers.

• Charging Framework: Arrangements center on building a vigorous charging framework

organize to reduce run uneasiness and advance EV adoption.

• Research and Advancement: The government underpins inquire about and improvement in

EV innovation to drive advancement and innate manufacturing.

• Emission Diminishment Targets: Rigid outflow lessening targets are set to empower a move

towards cleaner and feasible mobility.

• Collaboration and Associations: The government collaborates with the private division and

worldwide organizations to quicken EV adoption.

G. INDIAN CONSUMERS AWARENESS ABOUT EVs

The worldwide auto industry is moving toward eco-friendly electric vehicles (EVs), a drift

reflected in India, a major auto showcase. Understanding Indian consumers’ EV mindfulness

is significant for gaging potential victory. Government activities and contamination concerns
boost mindfulness, driven by media scope, automaker campaigns, and progressed charging

infrastructure.

Consumer discernment is imperative for producers. A few esteem EVs for eco-friendliness

and fetched reserve funds, whereas others stress approximately extend and charging times.

Higher forthright costs compared to conventional vehicles may discourage price-sensitive

buyers.

Analyzing Indian buyer mindfulness and discernments makes a difference automaker target

this rising showcase viably. Tending to information crevices and highlighting benefits like

decreased outflows and operational costs can quicken EV selection in India.

H. FUTURE VIEWPOINT AND RECOMMENDATION

The future of EVs in India is shining, driven by the government’s clean vitality center. EVs

offer decreased contamination, less dependence on fossil powers, and superior vitality

proficiency. To boost EV appropriation, prioritize growing charging systems for longer drives

and incentivize R&D for progressed batteries.

Policy back like charge breaks and organizations between carmakers and renewables can

make EVs more reasonable and imaginative. By joining these steps, India can advance

towards a maintainable transport framework adjusted with its improvement goals.

 DISCUSSION

According to the abovementioned conclusions and analysis, India is prepared for EVs, but the

government and automakers like Tata and Mahindra still have a lot of work to do. The car industry in

India has a ton of opportunity for electric automobiles. In addition to the fact that numerous Indian

businesses, like Tata Motors, are trying to enhance their electric car concepts, Tesla is already seeking

to create a foothold in India. There is a significant likelihood that EVs will become a new trend in

India because the Indian government is working to make the country an all-electric car country by

2030. However, there are several areas to which greater focus must be given, such as:

• Recharging Stations.

• Research and Development in Battery Technology

• A non-profit organization called EVs Education was founded with the goal of teaching people

about electric cars.

• The price of electric automobiles.

The future of electric cars is tough to predict, but this sector has a great deal of opportunity to

grow and become a significant one not just in India but worldwide.
 CONCLUSION

Electric cars have a number of important advantages that might completely change the automobile

industry. India is the fifth most polluted country in the world, and gasoline- powered cars are a big

contributor to this problem. Electric cars won't produce noise or smog; thus, they'll help India

reduce its environmental issues as well as noise pollution.

After much discussion, it has become clear that electric vehicles are the way of the future. However,

there are now a number of challenges in the EV market that may be resolved by government efforts,

research, and policies. By 2030, India wants to have only electric cars on the road. Therefore, all of

these initiatives will succeed in improving India's infrastructure for electric vehicles and flexibility.
 REFRENCES

1. https://www.indiabix.com/group-discussion/is-india-ready-for-electric-
vehicles/#google_vignette

2. https://auto.economictimes.indiatimes.com/news/auto-technology/is-indias-
infrastructure-ready-to-be-electrified/104339315

3. https://www.linkedin.com/pulse/india-ready-electric-vehicles-atul-mane-gyldf

4. https://energy.economictimes.indiatimes.com/news/power/is-india-ready-to-
adopt-the-ev-ecosystem/100753181

5. https://www.iisd.org/articles/india-electric-vehicle-revolution

6. https://www.linkedin.com/pulse/india-ready-electric-vehicles-rahul-rana

7. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1968137