The Government of India, as well as several state governments, has taken a number of efforts to promote the country's EV ecosystem, including the implementation of financial incentives, schemes, subsidies, infrastructure development, and regulatory measures. It is very astounding to notice that the EV industry in India is expected to grow at a 90% CAGR until at least 2030.
Almost every major automaker and two-wheeler manufacturer has either introduced or is planning an EV model. India is one of the first few countries to propose a battery-swapping policy. In addition to the central government, around 20 Indian states have already revealed their EV policies/policy draughts. However, amid the clamor and glitter of EV adoption, others are questioning if EVs herald a "green future" or are more likely to aggravate India's e-waste issue. The current government objective of expanding EV share in the overall vehicle sales market from less than 2% to 30% by 2030 is expected to result in savings of over 1 lakh crore in terms of fuel import costs that India now pays every year. That is a tremendous accomplishment, but in order for it to happen, EV adoption must be accelerated by a significant increase in demand for Li-ion or lithium-ion batteries. These batteries' size, chemistry, and design will vary depending on their use. Even the local climate will influence the sort of Li-ion batteries utilized.
Until now, India, like many other countries, has relied primarily on China to import these batteries because we do not have sufficient Lithium or Cobalt sources to maintain manufacturing here. As a result, if we examine the scenario from a practical standpoint, we will continue to import energy. The only difference is that the reliance will shift away from the Gulf countries led by Saudi Arabia and towards China. While that is one issue to be aware of, the other is abandoned EV batteries. A holistic ESG approach and approach to environmental cleaning demands going beyond air pollution and addressing e-waste as well. Recycling EV batteries has the potential to have far-reaching consequences for the country. With each additional recycling factory, it would be feasible to lessen the environmental impact of batteries while also safely extracting expensive rare earth minerals such as lithium, cobalt, and graphite, among others. Using these raw materials in domestic battery manufacturing may gradually lessen our reliance on imports.
Domestic recycling of Li-ion batteries used in electric vehicles is the best option for the country. It would not only allow us to securely move forward with EV adoption across all vehicle categories, but it will also assist to eliminate the e-waste pileup. Furthermore, we can extract rate materials from recycling, which will make India Aatmanirbhar in the arena of EV batteries in the long term. With the correct intent and know-how in place, all that remains is to scale investments and apply the necessary regulations in order to build a robust EV battery recycling and manufacturing business in India!
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
