India has been a curious case for economists and policy makers globally. The country is a complex problem to understand for all. Team OSM has spent a lot of man hours researching on this. As per a Forbes report of April 2022, India has 166 billionaires which puts the country third in the world, after the USA and China.
Contrastingly, India ranked 101 out of a list of 116 countries on the Global Hunger Index. While the methodology and scores could be debatable, the severity and enormity of the problem is not deniable.
The question is how do we solve this draconian problem of poverty & hunger?
Electric vehicles can play a role in alleviating poverty for a large section of society in India. EV could become a driver of growth and economic development in our country. The EV ecosystem needs a large supply chain of manufacturing batteries, motors, vehicles, and charging. Team OSM believes that the entire ecosystem will not only employ millions of people around the country, but it will also generate high skilled jobs.
We need qualified technicians, IT professionals and skilled manpower to manage this supply chain. It’s a combined play of energy, automobile, logistics, information technology and finance industries.
Across all these industries, EVs will create large clusters of manufacturing, servicing and R&D. Battery and end of vehicle recycling would be another huge opportunity for the industry. OSM passionately believes in the same and is built on a solid foundation of research.
A large number of precious materials going into batteries will need to be fed back into the supply chain to make a sustainable supply chain.
From an application point of view, EV provides excellent opportunities for inclusive development of a large section of our society. Electric rickshaws can replace manual rickshaws, can be used as street carts for sales of food and several other items.
These vehicles are not just modes of transportation but also income generators. Customised electric vehicles can thus generate a large amount of wealth at the bottom of the pyramid. Well-made electric trucks would provide safety for the driver and make the industry more efficient.
The applications of this technology are enormous for the country. As the EV industry grows, a large amount of foreign exchange will be earned through EV exports, in addition to the amount saved by not importing crude petroleum products.
It’s time we take getting rid of the black mark of poverty from the face of India seriously. Technology could play a major role in this effort. Electric vehicles will solve the environmental pollution but also make a huge difference to a large section of society by solving poverty.
For India it’s time to move from a low-end material factor-based economy to a large-scale wealth creator economy of the world. OSM is fully committed to this and will always bring out well researched, Made for India EVs to serve the nation.