Government of India Electric Vehicle (EV) Charger A new policy has been introduced to promote construction. Under this policy, EV charger manufacturers will be encouraged to use domestically manufactured components. The government believes that this new policy will boost the growth of the EV charger industry in the country and help make India a global hub for EV chargers.
Various components of EV charger in the new policy
The new policy has set a timeline for localization for various components of the EV charger. For example, charger enclosures, internal wiring harnesses and software must be produced domestically by December 1, 2024. More complex components such as power electronics and charging guns are scheduled for domestic production by January 2023 and June 2024, respectively.
Achieving 50% domestic value addition
Under this new policy, EV charger manufacturers will have to achieve minimum 50% domestic value addition by December 1, 2024 to be eligible under the FAME-II scheme. This calculation is done by subtracting the value of imported components from the ex-factory price of the charger. This condition ensures that a large part of the manufacturing value chain remains within the country, thereby developing a strong domestic EV manufacturing ecosystem.
New policy will boost the growth of EV charger industry
The government believes that this new policy will promote the growth of the EV charger industry, create new employment opportunities and contribute to the overall economic development of the country. The government also hopes that this new policy will reduce India’s dependence on imports of EV charger components, thereby saving foreign exchange reserves.
EV charger market expected to grow rapidly
Moreover, the government believes that this new policy will help in making India a global hub for EV chargers. The EV charger market in India is expected to grow rapidly and the government believes that this new policy will help boost this growth further.
The aim is to make India the global hub of EV chargers.
Overall, the government believes that this new policy is an important step for the development of the EV charger industry in India. The government hopes that this new policy will boost EV adoption in the country and make India a global hub for EV chargers.