top of page

By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

India now tops world in e3w, second in e2W sales

Mumbai : In a commendable feat, India has now tops the world in electric 3-wheeler sales accounting for 57 pc of all global sales, and ranks second in electric 2-wheeler sales with a 6 pc world share in 2024, a new report on Zero Emission Vehicles (ZEV) transition released as the COP-3) in Brazil.   The COP-30 Progress Update, has attributed these achievements to the strong policies of the Indian government, especially PM E-Drive and FAME, that helped slash the price gaps between electric and...

India now tops world in e3w, second in e2W sales

Mumbai : In a commendable feat, India has now tops the world in electric 3-wheeler sales accounting for 57 pc of all global sales, and ranks second in electric 2-wheeler sales with a 6 pc world share in 2024, a new report on Zero Emission Vehicles (ZEV) transition released as the COP-3) in Brazil.   The COP-30 Progress Update, has attributed these achievements to the strong policies of the Indian government, especially PM E-Drive and FAME, that helped slash the price gaps between electric and petrol vehicles, pushing large-scale adoption across last-mile transport and encouraging major private investments.   India’s strategy to combat pollution levels has been to target the vehicles most common on its roads – two and three wheelers, which account for nearly 80 pc of the total automobiles sales in the country.   This targeted approach has led to a cycle where more sales encourage more investment, which further accelerates the market, as per the report shared by International Council on Clean Transportation (ICCT) India.   The PM E-Drive Scheme further boosts adoption by supporting the sale of 2.5 million e2w’s and 320,000 e3w’s, backed by a USD-315 million outlay for vehicles and charging infrastructure.   It has pushed private and public sector to act, like a major delivery company committing to convert its entire fleet into EVs in five years, some state and local governments assuring to partially convert their fleets of official or public transport vehicles to electric.   Even globally, EV adoption is increasing despite policy shifts in some advanced economies. EVs notched18 pc of all global light-duty vehicles in 2024, up from 14 pc in 2023, and likely to go up further this year.   With France, Spain, and Croatia showering more consumer incentives, UK and Canada refining ZEV mandates, the public charging points world over have doubled from 2.50 million (2022) to over 5 million now.   Racing to keep up, India has recorded a 23 pc year-on-year rise in light-duty EV sales from 2023 to 2024 and reaching a 2.9 pc EV share in early 2025.   The COP-30 report has lauded India’s FAME and PM E-Drive programs - and the EU’s AFIR regulation - as major forces speeding up the global move toward zero-emission mobility.   ICCT’s India Managing Director Amit Bhatt emphasized that electrifying India’s dominant vehicle segments is already delivering results. He termed as timely and essential next step the Centre’s fresh push to electrify medium and heavy-duty trucks – which comprise only 3 pc of the total vehicle stock but cough out 44 pc  of transport emissions. Clean & green leaders: India’s e3w & e2W The Faster Adoption & Manufacturing of Hybrid & Electric Vehicles (FAME) and PM E-Drive programs helped lower the upfront costs of electric 2 wheelers and electric 3 wheelers, making them price-competitive with ICE equivalents.   The transition has been powered by a strong collaboration between government and the private sector, particularly in last-mile delivery, with companies adopting EVs to save costs and working with rental partners to build out the ecosystem.   The quick expansion of EV charging networks in the world is driven by encouraging policies - with Europe’s reliance on deployment targets and India’s use of targeted incentives demonstrating two effective and scalable models, as per the COP-30 coming a day before the global meet ends on Friday.

Heighten credit risks for both nations: S&P

  • PTI
  • May 8
  • 2 min read
ree

New Delhi: S&P Global Ratings on Thursday said the hostilities between India and Pakistan heighten risks to the credit metrics of both countries, and any escalation in clashes would put downward pressure on sovereign credit support.


S&P, which rates India and Pakistan at 'BBB-' with a positive outlook and a 'CCC+' (outlook stable), said that in the current scenario, it does not see any immediate impact on sovereign credit rating and expects the tensions to remain high over the next two to three weeks, with significant further military actions on both sides possible.


"The outbreak of hostilities between India and Pakistan has increased regional credit risks, especially for the two sovereigns involved. Our base case is for the intense military actions to be temporary, which will give way to a longer period of contained and sporadic confrontations," S&P Global Ratings said in a statement.


S&P said it expects India to maintain strong economic growth that allows gradual fiscal improvements to continue, and also the Pakistan government to remain focused on supporting the recovery of its economy and fiscal stability. Both countries have no incentive to allow current tensions to become prolonged, it said.


Last week S&P cut FY26 India's growth forecast to 6.3 per cent, from 6.5 per cent pegged earlier, citing uncertainty over US trade policy.


A protracted military conflict will derail the improvements to Pakistan's external and fiscal metrics that would support a return to macro stability.


For India, a prolonged military conflict will also lead to difficulty attracting foreign investors seeking to reconfigure their international production activities amid the uncertain global economic environment," S&P said.


S&P said the current situation raises the "specter of miscalculations and accidental clashes" that could escalate well beyond the intentions of both sides. Such a scenario would materially worsen credit risks. "The downward pressures on sovereign credit support will exacerbate if there is no material de-escalation in the next few weeks," S&P said.


"We anticipate tensions to remain high over the next two to three weeks, with significant further military actions on both sides possible. However, the situation is likely to de-escalate following that, leaving little persistent negative impact on sovereign credit metrics," it added.


Earlier this week, Moody's Ratings had projected India's growth at 6.3 per cent for the current fiscal and said that geopolitical stresses, like the tension between India and Pakistan, have a potential downside risk to its baseline growth forecasts.

Comments

bottom of page