Best EV Stocks in India
Today, we are heading towards a sustainable future of Ev stocks in India. We envision a future where the vehicles will run on clean, green energy, where batteries are the driving force behind this transformation. Electric vehicles are going to become our primary mode of transportation According to the 2024 budget, the automobile industry welcomes the expansion of the EV ecosystem. The government has been actively promoting EV adoption through various schemes like FAME II and National Electric Mobility Mission Plan( NEMMP).
After all these major changes made by the government in the industry ,a huge emerging benefit is there for the investors as well. This might be the chance for the investors to charge up their portfolio through Best EV Stocks in India.
Govt initiative in EV Sector Stocks in IndiaÂ
In India’s journey towards becoming a viksit (developed) bharat by 2047, the government isn’t just promoting electric vehicles but also tightening regulations on traditional vehicles. Air pollution is an important concern in developing countries like India while developed nations like China and Singapore are adopting these electric vehicles at a rapid pace.
It is time for India to emphasise upon the vision of securing the “developed country” tag by 2047 and adopting electric vehicles and renewable energy could be the first step. The government aims to have 30% EVs by 2030. Government initiatives promoting electric vehicles and renewable energy adoption have also boosted the market in this region.
Govt initiative for stakeholders of EVsÂ
The government has taken initiatives for the stakeholders of EVs to increase the demand for electric cars and encourage the manufacturer. such as
FAME-11 scheme started on April 1 2015, to reduce the use of gasoline and diesel vehicles and increase the EV adoption in India.
PLI scheme- This scheme provides various benefits to the manufacturers and provides subsidies to ev buyers. Making it easy to sell EVs at a lesser price to clients
Special electric mobility zone– Government of india plans to create special zones where only electric vehicles will be allowed. People living in these areas will drive their EVs and use public EV transportation
Tax reduction on EVs etc – the government of India has reduced the taxes on EVs this move will aim to make Eva more affordable and overall will encourage to adopt ev mode of transportation
Key EV sector Stocks in India:
- Reliance Industries Ltd.: Reliance industries has introduced its subsidiary name Reliance new energy solar ltd. This company aims to establish itself in the EV sector in India by investing in solar energy and battery storage solutions.Â
- TVS Motor Company Ltd.: TVS motos company made its huge entry in the EV market with its electric scooter , the TVS iQube electric. TVS is expanding its EV portfolio to fulfil the growing demand for two wheeler electric vehicle in indiaÂ
- Tata Motors Ltd.: Tata Motors is a key player in the Indian EV market with its electric vehicles like the Tata Nexon EV and the Tata Tigor EV. The Company focus to increase the adoption of Electric vehicles in india through their innovative products and initiativesÂ
- Indian Oil Corporations Ltd. Indian oil corporation is supporting the EV sector in India by establishing EV-charging infrastructure segments. The company aims to set up EV charging stations across the country to promote the adoption of EVs and reduce carbon emissions.
- Mahindra and Mahindra Ltd.: Mahindra and Mahindra have been pioneers in the Indian EV market with products like the Mahindra eVerito and the Mahindra e2o Plus. The company offers a wide range of electric vehicles for different segments in the county and promote electric mobility in indiaÂ
To sum it up, the battery sector in India is ready to witness remarkable growth, driven by the increasing adoption of electric vehicles and the government’s initiatives to promote clean energy. And with this transformation of the automobile industry towards electric vehicles it is creating new opportunities for investors in battery stocks.
Read more blogs: Thebigblogs