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India's electric vehicle (EV) charging infrastructure has expanded significantly over the past three fiscal years, with public stations seeing a five-fold increase due to strong government support. However, despite this rapid growth, a recent report from CareEdge Ratings reveals a persistent gap: there is currently only one public charging station for every 235 electric vehicles on the road. This situation clearly highlights an urgent need for faster and more balanced development of charging facilities nationwide to match the soaring adoption of EVs and fully support the country's transition to electric mobility.
India's electric vehicle (EV) charging infrastructure has seen substantial growth, with public charging stations experiencing a five-fold increase from the fiscal year 2022 to early in the current fiscal year. This rapid expansion reflects a compound annual growth rate (CAGR) of approximately 72 percent over the three-year period, according to a report from CareEdge Ratings. Advertisement
The report detailed that public EV charging stations grew from just over 5,000 in calendar year 2022 to nearly 12,000 in calendar year 2023, further expanding to over 25,000 by the end of fiscal year 2024, and reaching just over 26,000 by early in the current fiscal year. The report emphasized that charging infrastructure was indeed expanding quickly, noting the rapid increase in public EV stations over the past three fiscal years.
This swift development has been propelled by robust initiatives from both central and state governments. The Indian government has intensified its efforts to enhance public charging infrastructure nationwide, implementing schemes like the Production Linked Incentive (PLI) for battery manufacturing and providing duty exemptions on key minerals. These measures are anticipated to reduce India's import dependency for EV components in the coming years, potentially making EVs more affordable and lowering overall ownership costs for consumers. Several state-level EV policies are also playing a crucial role by attracting substantial public and private investments into the sector.
However, the CareEdge report also pointed out a persistent disparity between the accelerating adoption of electric vehicles and the pace of charging infrastructure development. It noted that despite the impressive growth, the nation currently maintains approximately one public charger for every 235 electric vehicles in operation, with a total of just over 26,000 public charging stations available across the country. This ratio clearly highlights a critical challenge in a market where electric car sales penetration is projected to rise significantly in the next few years. Addressing issues such as battery affordability, concerns about range anxiety, and ensuring a robust supply chain will be key.
This disparity makes clear the necessity for continued and even faster development of EV charging stations to adequately keep pace with the increasing number of electric vehicles entering the market. While India's EV charging network is expanding quickly, there remains a prominent need for a more balanced and integrated growth strategy to fully support the seamless transition to electric mobility nationwide.
Source- ANI
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