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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO

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					</table>Affordable battery energy storage is the missing piece in making renewable energy reliable and round-the-clock as the capacity continues to grow in India.
Energy storage is a pivotal technology that enables continuous energy supply of renewables. Its usage extends beyond the mere storage of renewable energy during times of high demand &#8211; it also contributes to the stability and resilience of power grids. In addition, deploying energy storage systems can eliminate the need for additional transmission and distribution infrastructure. Some long-duration energy storage technologies offer the added advantage of providing synchronous inertia, which is indispensable for ensuring grid stability and reliable 24/7 clean energy.
To discuss the crucial role of battery energy storage in streamlining the development and deployment of renewable energy in India, industry experts will join us at the <a href="https://www.mercomindia.com/event/renewables-summit-2023/register/2023-form" target="_blank" rel="noopener">Mercom India Renewables Summit 2023</a>, an exclusive two-day clean energy event on April 26 and April 27, to be hosted in New Delhi.
The session titled &#8216;Role of Energy Storage in Making Renewables Mainstream&#8217; will be held on April 26.
The panelists in the session will primarily dissect the long-duration energy storage market in India and the available choices for the most efficient and cost-effective commercial technologies.
Priyadarshini Sanjay, Managing Director, Mercom India, will moderate the session.
The speakers for the panel are A.K. Sinha, Assistant General Manager, <a href="https://www.seci.co.in/" target="_blank" rel="noopener">Solar Energy Corporation of India</a>; Rupam Raja, Chief Commercial Officer, <a href="https://fluenceindia.in/" target="_blank" rel="noopener">Fluence India</a>; Brahmendra Thakur, Director, Energy, and Distributed Infrastructure; <a href="https://www.bv.com/" target="_blank" rel="noopener">Black &amp; Veatch</a>, and Cyriac Loyola, Customer Project Manager; <a href="https://www.sma-india.com/" target="_blank" rel="noopener">SMA Solar India</a>.
The panelists will also discuss the policies for developing energy storage in India, and possible amendments needed to enable round-the-clock renewable energy supply across sectors in the country.
According to the Central Electricity Authority, India&#8217;s estimated installed base capacity of energy storage by 2029-30 is likely to <a href="https://www.mercomindia.com/energy-storage-upbeat-2023-despite-supply-chain-challenges" target="_blank" rel="noopener">grow</a> to 27 GW of battery storage (four hours) and 10 GW (six to eight hours) of the pump storage system.
The government has also <a href="https://www.mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation" target="_blank" rel="noopener">recognized</a> the prominence of storage in making renewables the primary source of energy and released Energy Storage Obligation in this direction until the financial year 2029-30.
Register to attend the event <a href="https://www.mercomindia.com/event/renewables-summit-2023/register/2023-form" target="_blank" rel="noopener">here</a>.

Role of Battery Energy Storage in India’s Renewables Sector

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					</table><a href="https://www.mercomindia.com/corporate-funding-energy-storage-q1-2023" target="_blank" rel="noopener">Total corporate funding in energy storage, including from venture capital, public market, and debt financing, amounted to $2.2 billion in 27 deals in the first quarter of 2023,</a> a drop of 83% year-over-year compared to $12.9 billion raised in 27 deals, according to Mercom&#8217;s Q1 2023 Energy Storage &amp; Smart Grid Funding and M&amp;A Report. The report noted that LG Energy Solution&#8217;s $10.7 billion IPO during the quarter contributed 83% of Q1 2022 funding and skewed funding totals.
<a href="https://www.mercomindia.com/powergrid-tender-85-mw-solar-project-madhya-pradesh" target="_blank" rel="noopener">POWERGRID Energy Services has invited bids for installing and commissioning an 85 MW solar power project at Nagda in the Ujjain district of Madhya Pradesh.</a> The successful bidder will also undertake the project&#8217;s operation and maintenance for five years after completing the trial run post-commissioning. The last date to submit the bids online is April 28, 2023. Bids will be opened on May 2.
<a href="https://www.mercomindia.com/anert-invites-solar-projects-in-kerala" target="_blank" rel="noopener">Kerala government&#8217;s Agency for New and Renewable Energy Research and Technology has invited bids for 2 MW solar projects at multiple locations of the Travancore Titanium Products company</a> campus at Kochuveli, Thiruvananthapuram. Out of the cumulative capacity, 1.5 MW will be ground-mounted, and 500 kW of solar systems will be installed on the rooftop of various buildings within the campus. The projects will be installed under the Solar City project funded by Smart City Thiruvananthapuram. The last date for the submission of bids is April 26, 2023. Bids will be opened on the next day.
<a href="https://www.mercomindia.com/hero-future-supplier-ci-clients-2" target="_blank" rel="noopener">In an exclusive interview with Mercom, Srivatsan Iyer, Global CEO of Hero Future Energies, discussed the company&#8217;s strategy to become a comprehensive renewable energy provider</a> by expanding its offerings to include battery energy storage and green hydrogen production. Iyer also spoke about the recent policy changes and their impact on the industry while offering solutions to some of the problems hindering renewable growth in the country.
<a href="https://www.mercomindia.com/arcelormittal-to-factories-in-india-and-brazil" target="_blank" rel="noopener">Steelmaker ArcelorMittal has said it has roped in Siemens Gamesa in India and Casa dos Ventos in Brazil to install wind projects for powering its steel factories to reduce carbon emissions</a> in the high-emitting sector by using renewable energy sources. In the first agreement, ArcelorMittal India partnered with Siemens Gamesa to install wind turbines at its steel facilities. The wind project will form part of a 989-MW wind-solar hybrid renewable energy project in the Kurnool District of Andhra Pradesh.
<a href="https://www.mercomindia.com/changing-landscape-renewables-india" target="_blank" rel="noopener">Mercom India will bring together industry experts to discuss the current and future trends in renewable energy will be one of the topics industry experts will discuss at the &#8216;Mercom India Renewables Summit 2023,&#8217; an exclusive event on April 26-27 in New Delhi.</a> At a session titled &#8216;Changing Landscape of Renewable Projects &#8216;scheduled for April 26, 2023, panelists will shed light on the evolution of large-scale projects from vanilla solar to solar with wind and energy storage, catering to the round-the-clock and peak power supply demand from power distribution companies.
<a href="https://www.mercomindia.com/uk-sustainability-weightage-renewable-bids" target="_blank" rel="noopener">The UK government will introduce non-price factors in its Contracts for Difference program for renewable energy projects</a> as a major shift from the cost-only model to ensure the viability of such projects in the long term. The new approach could mean that applicants would have to show how their projects would help improve the supply chain sustainability, address the skills gaps, foster innovation, and enhance the sector&#8217;s system and grid flexibility and operability.
<a href="https://www.mercomindia.com/new-1-1-billion-sustainable-aviation-fuels" target="_blank" rel="noopener">Cepsa and Bio-Oils, a Spain-based biofuels subsidiary of Apical, have partnered to boost the production of second-generation biofuels by procuring most of its feedstock from organic waste</a>, including agricultural residue and used cooking oils. The €1 billion (~$1.1 billion) worth facility will consist of two pre-treatment units and produce up to 500,000 tons of sustainable aviation fuel and renewable diesel yearly for land, sea, and air transportation, with adaptable production capabilities.
<a href="https://www.mercomindia.com/efficiency-perovskite-silicon-tandem-solar-cells" target="_blank" rel="noopener">Scientists at the King Abdullah University of Science and Technology (KAUST) claimed to have developed a perovskite-silicon tandem solar cell with a record energy conversion efficiency of 33.2%.</a> Certified by the European Solar Test Installation, the efficiency achieved at the KAUST Solar Center has been listed on the National Renewable Energy Laboratory&#8217;s Best Research-cell Efficiency Chart. Researchers combined perovskite top cells on industrially compatible, two-sided, textured silicon bottom cells to obtain the tandem solar cell.

Daily News Wrap-Up: Energy Storage Corporate Funding Falls 83% YoY in Q1 2023

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					</table>India added approximately 9.2 GW of power capacity in the first half (1H) of 2022, out of which renewables, including large hydro, contributed close to 90%.
Solar contributed about 77% to the capacity additions during the period. Even with the continued growth year on year, India must add close to 26 GW annually starting in 2022 to reach the target of 280 GW of solar by 2030.
According to Mercom India Research, India registered 20% more solar installations in the second quarter of 2022 compared to the previous quarter. The research forecasts India to add close to 15 GW of solar in the calendar year (CY) 2022.
Mercom India is hosting a Solar Summit 2022 on July 28-29 in New Delhi. A session dedicated to India’s solar target titled ‘How Do We Get to 280 GW of Solar Energy by 2030’ discussed various issues relating to the goal set, the progress achieved, and the hurdles the industry faces.
The panelists were Mohit Bhargava, CEO, <a href="https://www.ntpc.co.in/en/ntpc-renewable-energy-limited" target="_blank" rel="noopener">NTPC Renewable Energy</a>; Harsh Shah, CEO, <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a>; Paramita Sahoo, Head of Policy Advocacy, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>; and Raj Prabhu, CEO, and Co-Founder of <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a>.
The session was moderated by Priya Sanjay, Managing Director, Mercom India.
Can India achieve the 280 GW solar target?
Bhargava was optimistic about the country&#8217;s path toward achieving the solar target. He said, “The short answer is yes, but there are many hurdles to cross as we get closer to the target. We have seen the renewable energy share in the power sector go up along with the demand for it. Thermal capacities have seen a decline over the years. With favorable regulations and demand, it is an achievable task.”
Sahoo felt that the slew of policies announced by the government like the storage bidding guidelines, production-linked incentive (PLI) program and transmission corridors are steps in the right direction. “The Center needs to align more with the states, and the policies need to be consistent, which otherwise could cause a lot of uncertainty.”
Shah said it was essential to consider the energy transmitted, not just installed. “There is merit in considering the vision of GWh from just GW. The incremental cost increase in solar and wind energy obliges us to talk about how much is getting transmitted and consumed and not just installed. We must consider electricity as an overall sector, not just renewable energy, to meet the goal. Electricity is the most significant sector with manufacturing and infrastructure put together.”
Prabhu spoke about how the recent global events have changed how the renewable sector operates. “The world has changed in the last few months, with the COVID-19 pandemic and the war in Ukraine. If a country like Germany can set a target for 215 GW by 2030, the target set by India is not unrealistic anymore. There is a sense of urgency worldwide, impacting policy-making and prioritizing energy security. In India, the message must come from the top down, as things start happening when it comes from the Center.”
Demand Creation
Bhargava believed that the sector still heavily depended on the government-announced benefits to expand. “In India, the demand already exists. Even after the government announced a slew of benefits, we still depend on the government to give us more, limiting the growth rate. We need to start looking at the RE sector as an autonomous one. We must get out of the bidding trajectory by looking at markets where the demand is, such as bilateral agreements and trading exchanges as the renewable purchase obligations already drive the demand.”
Sahoo felt solar is at its best in the decentralized mode. “We have expanded to 5G data spectrums, solarizing the islands to replace diesel generators, solarizing army posts, etc. The demand is already there, and the government provides the necessary push through the RPO targets. The problem lies in the supply chain to meet this demand which is holding back people from investing.” He said that while the policies and regulations are in the right direction, they must be supplemented by the right procedures.
Shah said, “India does not have a demand issue but a supply chain one because of fundamental regulatory problems. It continues to be a licensed activity, which makes it inefficient. It is no longer the question of subsidies but whether the generator can supply the power to the consumer. It is a misrepresentation that we are an energy surplus country; we still have people who can pay for the energy but don’t have access to it. “
Prabhu stressed the importance of setting up a clear roadmap beyond the target. He said, “To reach the target for 2030, we need to install about 27 GW a year. The country also needs to start looking beyond that. Most of the sector does not know what the next step looks like, which is where the issue lies. There must be long-term visibility, broken down year on year so that they can plan accordingly. And we must get the central agencies passionate about doing the right thing to work together.”
Meeting the demand
Bhargava contended that the first step is ensuring the supply of solar modules meets the rising demand. “Most of the generators are now investing in manufacturing but can still not match the price level in India. Regarding supply, module availability at the right price will help meet the demand to install the required capacity. “
Sahoo emphasized the need to procure the components locally to meet the demand. “India is the third largest market in the world right now. The government must ensure enough competition on the local supply side, and we must be mindful that there are no monopolies in the country. The ALMM must compliment the PLI. We also have to focus on ancillaries, which form around 15% of the overall project. We must look at developing these vendors locally. We, at Tata, have invested in solar modules and cells, which we plan to start rolling out this October.”
Shah said that the duties applied by the government are causing more harm than benefit. “The developing sector will hurt with a blanket duty as we blind the domestic market, which doesn’t need to compete with the international market. A journey must be traversed, setting the domestic content requirements at 30-40% and then taking it from there. The technology needs to be developed, but with the duties, the competition is non-existent. Just the duty cannot be the answer.”
Prabhu argued that if the demand is there, the supply will follow. “We have seen many changes happen with the manufacturing expansion and the investments flowing in. We must be careful that the expansion is not abrupt. We are seeing developers wanting to get into manufacturing and second-guessing their choices down the line, which can be very risky for the sector.”
Integration
Bhargava said, “We have taken many steps towards meeting the target set by the government. We have opened ourselves to start with energy storage options as we see long-term benefits. Along with solar, we are also looking at green hydrogen as one of the important elements towards reaching this goal. These are the large buckets if I want to break down the overall 60 GW capacity.”
Speaking about their integrated setup in the sector, Sahoo added, “We are into different segments of the industry, so I can claim that we are an integrated entity. We are one of the largest rooftop solar entities working with GW capacity in rooftop installations. We have installed around 200 microgrids and invested in agrisolar and EV charging. We have a manufacturing setup for 4 GW of solar modules and 4 GW of solar cells ready to be rolled out in October. We are also working with our customers to help replace the thermal generation with renewables.”
Shah said, “We want to create a long-term shareholder trust value and regulatory framework. We aim to be a meaningful player in the bigger picture. We are into manufacturing now purely out of necessity.”
Prabhu concluded, “In theory, everything is already in place; we need enforcement and accountability to get things moving. The Indian solar sector is very enterprising. At Mercom ‘s C&amp;I events, we have seen consumers curious about transitioning to solar. Storage is where the answer lies to cut out the reliability on DISCOMs. If the energy storage prices were to come down, we would soon see the net metering go out as businesses will see how much money they save and eventually drive the installations up.”
On Day 2 (July 29), the Solar Summit will deliberate on manufacturing, technological innovations, solar for C&amp;I, large-scale solar development, and sector financing.
You can register for the Day 2 of the event <a href="https://mercomindia.com/event/solar-summit-2022/register/" target="_blank" rel="noopener">here</a>.

Energy Security A Driving Factor As India Strives to Reach 280 GW Solar by 2030

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					</table>Solar energy has emerged as a clean, sustainable, and powerful alternative to fossil fuels. Sunlight can meet the world&#8217;s energy demands with various technologies to harvest solar energy.
The first commercial silicon solar panels were created in the 1950s. Heterojunction technology (HJT) cells, thin film cells, and perovskite solar cells are in vogue. Lower costs, low-temperature processing, excellent light absorption properties, and flexibility are all factors behind these popular technologies.
In India, cost-sensitive distribution companies expect solar tariffs to decline consistently. Modules account for the highest share of solar project costs and have the maximum impact on generation and revenues. Higher the efficiency of modules lower the balance of system costs and land requirements.
Mercom is hosting &#8216;<a href="https://mercomindia.com/event/solar-summit-2022/register/" target="_blank" rel="noopener">Mercom India Solar Summit 2022</a>,&#8217; an exclusive event on July 28-29 in New Delhi where key stakeholders across the solar sector will participate.
The summit will address critical issues, opportunities, and emerging trends in the industry, including the government&#8217;s push for local manufacturing and its solar installation goals, supply chain, technology, financing, and other critical issues.
In one of the sessions titled &#8216;Solar Technology Innovations Poised to Take Over the Market,&#8217; scheduled for July 29, 2022, panelists will discuss new advancements, technologies, and products that will deliver cost savings that the solar market sorely needs.
The panelists include Sishir Garemella, Head – International Business Development, <a href="https://www.pvel.com/" target="_blank" rel="noopener">PVEL</a>; Rahul Khatri, Sales &amp; BD Leader – South Asia, <a href="https://www.dupont.com/solar-photovoltaic-materials/about-us.html" target="_blank" rel="noopener">DuPont Photovoltaic Solutions</a>; Honey Raza, Head – Sales India, <a href="https://www.ginlong.com/hi" target="_blank" rel="noopener">Solis</a>; and Deepak Ushadevi, MD &amp; CEO, <a href="https://ciel-et-terre.net/" target="_blank" rel="noopener">Ciel et Terre</a>. Priya Sanjay, Managing Director, Mercom India, will moderate the session.
Researchers have been innovating semiconducting materials and processes to improve the efficiency of solar cells by improving energy output. With new benchmarks routinely being set for solar cell efficiency, the cost of solar energy can only go southward.

Emerging Solar Technologies Can Improve Power Generation and Revenues

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					</table>In November 2020, the central government approved the Production-Linked Incentive (PLI) program for ten critical sectors to enhance India&#8217;s manufacturing capabilities and exports under the Atmanirbhar Bharat initiative.
Solar has made its way to the list with an outlay of ₹45 billion (~$605 million), which was increased to ₹195 billion (~$2.61 billion) in the 2022 budget announcement. The PLI program for solar was instituted to establish a larger manufacturing base for solar modules by fully integrating manufacturing units from polysilicon to solar modules and reducing the renewable energy sector&#8217;s import dependence.
In the IREDA auction to set up a manufacturing capacity of 10 GW of modules, Reliance New Energy Solar, Adani Infrastructure, and Shirdi Sai Electricals <a href="https://mercomindia.com/module-pli-auction-winners-list-jindal-out-adani-in/" target="_blank" rel="noopener">emerged</a> winners.
Mercom is hosting &#8216;<a href="https://mercomindia.com/event/solar-summit-2022/register/" target="_blank" rel="noopener">Mercom India Solar Summit 2022</a>,&#8217; an exclusive event on July 28-29 in New Delhi where key stakeholders across the solar sector will participate.
The summit will address critical issues, opportunities, and emerging trends in the industry, including the government&#8217;s push for local manufacturing, its aggressive solar installation goal, supply chains, technology, financing, and other critical issues.
In one of the sessions titled &#8216;Plans and Progress of Vertically Scaling Solar Manufacturing in India,&#8217; scheduled for July 29, 2022, panelists will discuss timelines and details for cell, wafer, and polysilicon manufacturing and the technologies planned for production beyond polycrystalline and mono PERC.
The panel will have Sujoy Ghosh, Vice President &amp; Country, Managing Director &#8211; India, <a href="https://www.firstsolar.com/en-IN" target="_blank" rel="noopener">First Solar</a>; and Rahul Bhutiani, Head of Sales &amp; Marketing, <a href="https://www.adanisolar.com/" target="_blank" rel="noopener">Adani Solar</a>. Priya Sanjay, Managing Director, Mercom India, will moderate the session.
In May, MNRE <a href="https://mercomindia.com/production-linked-incentive-program-solar-module-manufacturing/" target="_blank" rel="noopener">issued</a> draft guidelines to implement the second phase (Tranche II) of the PLI program under the &#8216;National Program on High-Efficiency Solar Modules.&#8217; According to the guidelines, ₹120 billion (~$1.54 billion) has been reserved for companies setting up vertically integrated capacities of polysilicon, wafers, cells, and modules. An allocation of ₹45 billion (~$580.84 million) has been made for those setting up wafers, cells, and modules capacity, and ₹30 billion (~$387.23 million) for cells and modules capacity.

Vertical Scaling of Solar Manufacturing Vital to India Meeting its Ambitious Targets

The renewable energy market, specifically the solar sector in India, witnessed a significant decline in installations last year. But recovery from the slump was quick, thanks to the demand for transitioning to cleaner and greener energy sources.
Touted as one of the largest solar markets, India is leading the way with large grid-connected solar projects and an emphasis on domestic manufacturing.
According to Mercom&#8217;s <a href="https://mercomindia.com/product/q2-2021-india-solar-market-update-2-5-gw-installed-in-q2-2021/" target="_blank" rel="noopener">Q2 2021 India Solar Market Update</a>, India added 2,488 MW of solar in the second quarter of 2021 &#8211; a 19% increase quarter-over-quarter, compared to 2,090 MW installed in the first quarter of 2021.
Mercom India will host the &#8220;<a href="https://mercomindia.com/solarforum2021/overview/" target="_blank" rel="noopener">Mercom India Solar Forum 2021</a>&#8220; on October 21, 2021. The virtual event will bring together top investors, c-level industry executives, and government officials to discuss the current state of the Indian solar market, emerging installation and manufacturing trends, and major shifts.
<a href="https://tinyurl.com/mercomsfat" target="_blank" rel="noopener"><img loading="lazy" decoding="async" class="aligncenter wp-image-29749 size-full" src="https://mercomindia.com/wp-content/uploads/2021/10/for-article-1.jpg" alt="Mercom Event" width="800" height="304" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/for-article-1.jpg 800w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/for-article-1-300x114.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/for-article-1-768x292.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/for-article-1-650x247.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/for-article-1-624x237.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/for-article-1-600x228.jpg 600w" sizes="(max-width: 800px) 100vw, 800px" /></a>
In a span of six sessions, the Forum will cover a wide range of topics related to the solar sector, including utility-scale project development, rooftop solar, open access solar market, and domestic manufacturing.
In the first <a href="https://mercomindia.com/solarforum2021/agenda/" target="_blank" rel="noopener">session</a>, the panelists will discuss the Indian solar market&#8217;s outlook for the upcoming decade and how solar will play a dominant role in India&#8217;s transition towards renewable energy. They will analyze ways to develop solar projects and the required investment to meet the central government&#8217;s target of 100 GW of solar capacity by 2022 and 280 GW by 2030.
In the second session, experts will talk about the feasibility of the domestic manufacturing <a href="https://mercomindia.com/iredas-module-tender-receives-strong-response/" target="_blank" rel="noopener">initiative</a>, market opportunity, and the plans of stakeholders to establish a market within the country. Companies that have <a href="https://mercomindia.com/first-solar-module-manufacturing-india/" target="_blank" rel="noopener">announced</a> their manufacturing plans will share their views on the growth forecast, plans, and investments.
In an exclusive session on <a href="https://mercomindia.com/open-access-solar-installations-increased/" target="_blank" rel="noopener">open access solar</a>, the panel discussion will bring insights from developers, consumers, facility owners, and new ideas and suggestions to make open access favorable to all.
In the rooftop solar market session, stakeholders and regulators will share their thoughts, recommendations, and options to meet consumer demand to go green.
The fifth session will be devoted to discussing challenges and strategies to develop large-scale projects. The session is crucial for utility-scale solar developers who faced several challenges such as supply chain disruptions and rising component prices in the wake of the Covid-19 pandemic.
The final session for the day will shed light on India&#8217;s solar supply chain and sourcing strategies. In this session, the panel will discuss companies&#8217; plans to source raw materials, manage the supply chain amid demand surge, and overcome existing barriers.
To get your free event pass, click <a href="https://tinyurl.com/mercomsfat" target="_blank" rel="noopener">here</a>.

Mercom’s Virtual Summit to Decode Emerging Trends in the Indian Solar Market

The NITI Aayog, a policy think tank of the government of India conducted a two-day summit to raise awareness about the various aspects of mobility, and to bring together diverse stakeholders involved in enhancing mobility across different platforms.
Speaking at the summit, Prime Minister Narendra Modi said, “Clean mobility powered by clean energy is the most powerful weapon to fight climate change. This means a pollution-free clean drive, leading to clean air and better living standards for our people. We should champion the idea of clean kilometers,” per <a href="https://rstv.nic.in/govt-exempt-electric-vehicles-automobiles-run-alternative-fuel-permit-requirements.html" target="_blank" rel="noopener">Rajya Sabha TV</a>.  The Prime Minister called for leveraging the full potential for vehicle pooling in order to improve private vehicle utilization.
The NITI Aayog released a report at the summit called Zero Emission Vehicles (ZEVs): Towards a Policy Framework. The report highlights that to optimally utilize EVs in the Indian context, the country must recognize its unique mobility pattern.
According to NITI Aayog, an EV policy for India must be tailored to India’s particular needs. “While vehicle growth in India is rapid, ownership has only increased from 53 per 1,000 in 2001 to 167 per 1,000 in 2015. A key difference between India and other countries are the types of vehicles being used. India uses a large variety of motorized transport on roads and its auto-segments are quite different from that of most of the world.”
The report advocates for the elimination of a direct subsidy in the EV policy, and recommends India to be creative in making electric vehicles and its infrastructure economically viable from the very beginning.
The report also says that policy and strategy must be thoughtfully formed for EVs to make business sense. For example, direct financial demand-incentives and subsidies could be replaced by Tradable Auto-Emission Coupons or credits based on CO2 emissions per km, as well as on a sliding scale for vehicle efficiency. This would encourage the market to build efficient vehicles with lower emissions per km. Thus, while vehicle manufacturers exceeding carbon emissions targets would have to purchase coupons or credits, the manufacturers meeting the targets would be rewarded with coupons. The Market could determine the value of these coupons.
This will incentivize the adoption of EVs and low-emission vehicles as well as energy-efficient vehicles at the expense of the vehicles with high emissions and lower efficiencies. Accelerating the availability of the necessary electricity network infrastructure as well as domestically produced technologically superior EVs, chargers, and components will bring down costs and increase the options available for the transportation electrification in India.
The report also details that the prevalence in India of small vehicles such as two-wheelers, three-wheelers, economy four-wheelers and small goods vehicles is unique among large countries. These small vehicles require a unique set of technological and industrial capabilities. Here, India has an opportunity to take a leadership role in the electrification of such small vehicles.
As the nation grows, the increased demand for these vehicles will lay the foundation for a transformational manufacturing and industrial policy. Thus, there needs to be a focus on the timely development of technological expertise and industrial capabilities in the production of small electric vehicles. This approach could not only help India meet its domestic demand, but could simultaneously position the nation as a global leader, especially  as other countries start to look at smaller vehicles to meet their own mobility needs .
Beyond the significant domestic demand for smaller vehicles, another characteristic of the Indian mobility market is its high level of sharing mobility.
Shared mobility in India has exploded and fundamentally has changed  how India travels. Taxi aggregators such as Ola and Uber increased from 130 million rides in 2015 to 500 million rides in 2016, with leading radio taxis to account for 72 percent of the overall market. This high penetration of shared mobility in India increases both vehicle utilization, which plays to the economic advantages of EVs, and also creates natural and large-scale purchases of EVs.
The report also advocates that the initial focus must be on smaller vehicles, at least in the first few years. This will provide a huge initial thrust and strong positive momentum for Indian EV industry. It is possible for India to have a unique impact and scale early with two-wheelers and three-wheelers, including three-wheeler goods vehicles. Special attention is needed to get these vehicles to become economically viable and flourish.
Simultaneously, India needs to ensure that electric buses become viable. With the credits/coupons, buses would become economically viable very quickly with the rationalized customs duties. Additionally, cars used in the government and taxi fleets need to be available early. They should be economically viable with credits/coupons. India could use both charging and swapping to get these vehicles to scale early.
Reiterating the view expressed in the NITI Aayog report, the Prime Minister added, “The government wants to drive investments across the value chain from batteries to smart charging to electric vehicle manufacturing. We need to ensure that public transport is preferred to private modes of travel. The Internet-enabled Connected Sharing Economy is emerging as the fulcrum of mobility. Mobility is a key driver of the economy. Better mobility reduces the burden of travel, and transportation can boost economic growth. It is already a major employer and can create the next generation of jobs.”
Recently, the central government <a href="https://mercomindia.com/govt-approves-55-billion-fame-program/" target="_blank" rel="noopener">approved</a> a subsidy corpus of ₹55 billion (~$0.78 billion) to be disbursed under the second phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (<a href="https://www.fame-india.gov.in/" target="_blank" rel="noopener">FAME</a>) program, which will be in effect for a five-year period. However,  the final announcement of the subsidy and how will it be disbursed have not been made.
According Mercom’s sources, the government wants to implement certain recommendations made in the NITI Aayog report and there may not be many incentives for the buyers per se. This may turn out be a more strategic move in the long run, as the recommendation may make private ownership of long-range vehicles expensive for a middle-class individual, even after subsidization.  This move may lead to a preference for public transportation; as evidenced by the success of metros in India.
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