Between FAME and fortune, EV players worried about their investments

The prospect of the government withdrawing its signature scheme after the March 2024 deadline is likely to hurt dozens of start-ups that rode in on the back of subsidies

India’s electric vehicle (EV) industry touched the milestone of one million unit sales in calendar year (CY) 2022, accounting for 4.7 per cent of the overall automobile sales. That is a fraction of EV sales in China — the largest EV market — where over 7 million electric vehicles were sold in 2022, over 25 per cent of the total auto sales. Nevertheless, India’s EV growth looks impressive when compared with what it was in 2020, when EVs were just 0.6 per cent of the 18 million vehicles sold. 
 

That growth, experts believe, was largely driven by the government's Faster