Growing use of electric vehicles is expected to increase imports from Germany: report

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The increase in the use of electric vehicles will lead to increased imports into India from Germany, a Grant Thornton Bharat-FICCI report said.

At present, India and Germany aim to team up by leveraging the advantages on each side and intensifying their cooperation on next-generation technologies, including the Internet of Things (IoT).

The report states that total imports to India from Germany increased by 3.56% for the period April 2020-January 2021.

“Germany grants a subsidy of $ 11,420 (9,480 euros) for electric vehicles, of which $ 4,192 (3,480 euros) by equipment manufacturers. Economic and trade relations between the countries are strong, with Germany being India’s largest trading partner in Europe. “

“India and Germany aim to team up by leveraging the advantages on both sides and intensifying their cooperation on next-generation technologies, including the Internet of Things (IoT).”

According to the report, the country has the potential to expand its share in global automotive components trade to 4-5% by 2026, building on export growth and import substitution initiatives taken by the industry as part of the “Aatmanirbhar” initiative. .

In 2018, the Indian automotive market propelled Germany to fourth in the world and strengthened its trade with India.

Germany is making strong progress towards electrification, but India’s electric vehicle industry is a growing industry and the shift to electric mobility is a priority for the Government of India (GOI).

“India could benefit from a targeted export expansion and an import substitution program for trade expansion. There is an increase in German original equipment manufacturers (OEMs) entering the market. Indian electric vehicles. “

“For the integration of electric vehicle manufacturing, supply chain and infrastructure in India and Germany, uncertainty is a key issue given the nascent state of electric mobility adoption in India and Germany. India, where disruptive transitions in Germany and as a whole, globally, can credibly support towards the continued development of electric mobility solutions in India. “

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