“The Union Budget’s focus on expanding the Rare Earth Permanent Magnet Scheme and building dedicated rare earth corridors is a positive step towards reducing import dependence for critical materials used in EV manufacturing. Rare earth magnets, which are key components in electric motors, benefit directly from this initiative, and strengthening capabilities across mining, processing and advanced manufacturing will create a more reliable domestic supply base.

The India Semiconductor Mission 2.0 and the Electronics Components Manufacturing Scheme will help build domestic capabilities in semiconductors and other electronic components, strengthening the supply chain for critical EV systems and reducing dependence on imports

As electric motorcycle manufacturing scales in India, such measures are particularly relevant for manufacturers with end-to-end, in-house development and manufacturing capabilities, supporting localisation and long-term supply stability.” — said Ms. Madhumita Agrawal, Founder & CEO, Oben Electric