--- title: "Electric Vehicles Market: The Economic Survey predicts that India will sell 1 million electric vehic" description: "The production-linked incentive (PLI) for advanced chemical cells is intended to accelerate EV uptake." author: "Anonymous User" published: 2023-02-01 updated: 2023-02-02 canonical: https://www.mindstick.com/news/2759/electric-vehicles-market-the-economic-survey-predicts-that-india-will-sell-1-million-electric-vehic category: "news" tags: ["news", "electric vehicle", "auto-mobile", "information"] reading_time: 2 minutes --- # Electric Vehicles Market: The Economic Survey predicts that India will sell 1 million electric vehic \ [According to the Economic](https://answers.mindstick.com/qa/49754/what-is-the-india-s-gdp-growth-forecast-for-fy-18-according-to-the-economic-survey-of-india-esi-2017) Survey 2023, the car sector will play a crucial role in the transition to [green energy](https://yourviews.mindstick.com/view/81323/adani-green-energy-group-bags-world-s-biggest-solar-bid), and the domestic **EV market** is predicted to develop at a CAGR (compound annual [growth rate](https://answers.mindstick.com/qa/39186/what-is-the-india-s-gdp-growth-rate-forecast-for-year-2018-as-per-latest-report-by-moody-s-investors-service)) of 49% between 2022 and 2030, with [annual sales](https://answers.mindstick.com/qa/38797/which-german-automaker-had-retained-the-top-spot-for-the-eleventh-straight-year-since-2005-in-terms-of-annual-sales-figures-of-luxury-cars) of 1 crore units by 2030. It is estimated that by the year 2030, the [electric vehicle](https://www.mindstick.com/news/2275/starting-price-for-the-mercedes-benz-eqe-electric-vehicle-is-76-050) industry will have directly and indirectly employed five crore people. According to the Survey, ‘the government has taken a number of initiatives to encourage and nurture this development.’\ In particular, the production-linked incentive (PLI) programme for advanced chemical cells was emphasised as a factor that could hasten the introduction of EVs into widespread use. The budget for this programme is Rs 18,000,000,000 and it will be in effect from Fiscal Years (FYs) 23 through 27.\ ![Electric Vehicles logo](https://evreporter.com/wp-content/uploads/2019/08/electric-car-2728131_960_720.png) The government's Faster Adoption and [Manufacturing](https://www.mindstick.com/articles/167329/improving-productivity-within-the-manufacturing-industry) of [Electric Vehicles](https://yourviews.mindstick.com/story/3601/xiaomi-unveiled-first-electric-vehicles) (FAME) II scheme, which runs from 2019 to 2024 with a budget outlay of Rs 10,000 crore, has reportedly incentivized 7.1 lakh EVs, sanctioned 7,210 e-buses, of which 2,172 e-buses have been deployed as of December 2022, according to the Survey. \ Recent laws on battery safety and local value addition have reportedly hurt EV and battery manufacturers, as the shorter schedule to certify their goods could harm short-term production and sales, as reported by ET last month. After a series of fires this summer involving electric vehicles, the Ministry of Road Transport and Highways revised the AIS156 criteria, a severe testing and [certification](https://www.mindstick.com/articles/13065/an-investment-in-certification-software-gives-peace) standard, to improve safety. This change will go into effect in two stages, the first on December 1 and the second on April 1. During this first stage, necessary [functionality](https://www.mindstick.com/blog/136/using-watermark-functionality-in-textbox-by-jquery) will be included, such as battery traceability and cell spacing.\ When it comes to qualifying for the FAME-II subsidy payment, the Ministry of Heavy Industries also released new safety testing standards in the month of November. The Economic Survey also argued for a 'well constructed multi-dimensional mineral strategy' to lessen India's reliance on overseas suppliers of rare-earth elements necessary for electric vehicle (EV) engines. More minerals are needed to produce solar photovoltaic (PV) plants, wind farms, and electric vehicles (EVs) that are used to produce conventional energy. Onshore wind plants use nine times as many minerals as gas-fired plants, and a typical [electric car](https://answers.mindstick.com/qa/51782/what-is-the-name-of-mahindra-s-first-electric-car) needs six times as many. --- Original Source: https://www.mindstick.com/news/2759/electric-vehicles-market-the-economic-survey-predicts-that-india-will-sell-1-million-electric-vehic Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.