Modi Woos Global EV Investors in India’s Push For Green Energy

(Bloomberg) --

India is framing policies to attract global investors for its ambitious electric vehicle plans, Prime Minister Narendra Modi said at an event, as the South Asian economy targets net zero carbon emissions by 2070.

“India is an outstanding destination for every investor looking to shape their future in the mobility sector,” Modi said while addressing Bharat Mobility Global Expo at Bharat Mandapam, New Delhi Friday, without sharing details of any new incentives.

The world’s most-populous country will see an eight-fold jump in electric vehicles by the end of the decade, Modi said.

India is the world’s third-biggest greenhouse gas emitter but is seeking to decarbonize its economy by focusing on developing green technology, EVs hydrogen and biofuels. The policy push coupled with the country’s increasingly affluent shoppers has made India one of the bright spots for EVs globally.

READ: Tesla’s Asian Rivals Pull Ahead in India’s Nascent EV Market

China’s BYD Co. and Vietnam’s VinFast Ltd. are among the global carmakers gearing to showcase their electric vehicles at the auto expo in New Delhi over the next few days, as they vie for a bigger slice of a market where Tesla Inc. is conspicuous by its absence.

The Bharat Mobility Global Expo will see Maruti Suzuki India Ltd. and VinFast debut their EVs, while BYD , Hyundai Motor India Ltd. and Tata Motors Ltd. will add to their existing offerings.

Elon Musk’s Tesla has been trying to break into India’s lucrative car market, which clocked record sales of 4.3 million units in 2024. It has, however, chosen to stay on the sidelines, citing high import taxes as a deterrent.

India last year lowered import taxes on EVs from foreign carmakers that pledge to invest and start EV production from a local factory within three years.

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