UK Electric Vehicles Delegation Explores Opportunities in India

ENA Sectors 2025-03-12 15:59:23 Kolkata, Mar 12 (KNN) A UK electric vehicles (EV) delegation, comprising six innovative small and medium enterprises (SMEs), visited Kolkata on Tuesday to explore opportunities in India's growing EV sector. The companies specialise in fleet telematics, battery energy storage, AI, IoT-based cybersecurity, and modular decentralised generators. Facilitated by Connected Places Catapult and supported by Global Business Inroads (GBI) in association with the Bengal Chamber of Commerce and Industry (BCC&I), the delegation aims to foster bilateral trade and investment. A key focus area is India's rapidly expanding 2- and 3-wheeler EV segments. Andrew Fleming, British Deputy High Commissioner to East and Northeast India, emphasised the significance of the visit. This EV delegation marks a major step in advancing innovation and forging new partnerships. By working together, we can unlock opportunities, drive investment, and accelerate clean mobility adoption, he said. Despite the enthusiasm, financing challenges remain a key barrier to EV adoption in India. The Finance Industry Development Council (FIDC), representing non-banking financial companies, highlighted concerns such as uncertain resale values, evolving battery technology, limited charging infrastructure, and high capital costs. Additional concerns include unclear insurance policies for retrofitted EVs and low consumer awareness of EV financing options. To address these challenges, the FIDC proposed initiatives such as a dedicated EV financing fund, lower interest rates on small EV loans, and a government-backed guarantee fund. Standardising battery certification and resale mechanisms was also recommended to strengthen the secondary market. With the potential to unlock USD 50 billion in EV financing by 2030, these measures could support India's transition to clean mobility and net-zero targets. Meanwhile, the UK delegation showcased cutting-edge EV technologies at the British Club, facilitating discussions on long-term collaborations between UK and Indian businesses. Elena Williams, Director of Government and Global Engagement at Connected Places Catapult, expressed optimism for future partnerships, highlighting the value of bilateral exchanges in EV and micromobility. The initiative is expected to strengthen the EV ecosystem, drive investments, and create new job opportunities, benefiting both economies. (KNN Bureau) 41372 https://knnindia.co.in/news/newsdetails/sectors/uk-electric-vehicles-delegation-explores-opportunities-in-india 2025-03-12 15:59:23 knnindia.co.in UK Electric Vehicles Delegation Explores Opportunities in India