Union Minister for Heavy Industries and Steel H. D. Kumaraswamy on Thursday said access to critical minerals is vital for India’s long-term competitiveness in the electric vehicle (EV) sector, highlighting the government’s ₹7,280 crore scheme to promote domestic manufacturing of Sintered Rare Earth Permanent Magnets (REPM). He described the initiative as a first-of-its-kind effort aimed at developing a robust ecosystem for these key components.

Addressing the 3rd FICCI National Conference on Electric Vehicles, Kumaraswamy said India’s transition to electric mobility is aligned with Prime Minister Narendra Modi’s vision of Atmanirbhar Bharat and Viksit Bharat 2047, as well as the country’s commitment to achieve net-zero emissions by 2070.

“With clear policy direction and strong industry participation, India can firmly establish itself as a leading global centre for electric mobility manufacturing and innovation,” the minister said.

He noted that electric mobility today is not merely a climate initiative but also an industrial strategy with strong manufacturing potential and supply-chain recalibration. “It is about building future industries while solving present challenges,” he added.

Kumaraswamy said strengthening domestic manufacturing capacity would also enhance India’s export potential. Automotive component exports have nearly doubled over the past decade, rising from about $8 billion to $16.9 billion, reflecting India’s deeper integration into global value chains and its growing credibility as a manufacturing hub, he said.

He further pointed out that India’s expanding network of free trade agreements with regions including the European Union, the United Kingdom, Australia, and the United Arab Emirates is opening new opportunities for EVs and components. As domestic scale consolidates, the Indian industry must increasingly look towards export markets, he added.

“As we advance towards the vision of Viksit Bharat 2047, electric mobility must remain central to the Make in India agenda — strengthening domestic manufacturing, deepening localisation and positioning India as a global production hub for EVs, batteries and critical components,” Kumaraswamy said.

Former G20 Sherpa and former CEO of NITI Aayog, Amitabh Kant, said electric mobility must become India’s next transformational leap and described EVs as strategic for the country.

“Batteries, power electronics, semiconductor software, and charging infrastructure are the new engines of value creation,” he said.

Kant added that the global EV market is projected to reach trillions of dollars over the next decade as supply chains realign and countries rethink trade localisation and strategic dependencies. “India must position itself as a trusted manufacturing hub for electric vehicles,” he said.

He emphasised that electric mobility is not only a climate imperative but also an economic, industrial, technological, and strategic opportunity, adding that the transition to EVs should be seen as a central pillar of India’s Viksit Bharat 2047 vision.

Industry leaders also highlighted the rapid evolution of India’s EV ecosystem.

Sulajja Firodia Motwani, Co-Chair of the FICCI Green Mobility Committee and Founder and CEO of Kinetic Green, said India has set an ambitious target of achieving 30% penetration by 2030. What began as a policy aspiration has now evolved into a clear ambition, translating into tangible market transformation across sectors, she said, adding that the country is entering a new and accelerated phase of the e-mobility transition.

Vikram Handa, Co-Chair of the FICCI Green Mobility Committee and Founder and Managing Director of Epsilon Group, said India has moved from “Green Mobility 1.0” to “2.0”, building an integrated value chain spanning critical mineral processing, cell manufacturing, battery pack assembly, and the production of EVs across vehicle segments, along with charging infrastructure.

Ganesh Mani, Co-Chair of the FICCI Green Mobility Committee and COO and CEO of Ashok Leyland Ltd, said the shift to electric vehicles is not only about environmental benefits but also about industrial and technological transformation that will shape sustainable mobility for citizens across India.