VIBRANT GUJARAT SUMMIT 2024 HIGHLIGHTS: Investments of More Than INR 9000 Crore Announced in Electric Vehicle Sector

The Vibrant Gujarat Summit is organised by Government of Gujarat from 10th -12th January 2024 to understand and explore business opportunities in Gujarat. The summit’s primary objective is to promote Gujarat as an attractive investment destination and to facilitate partnerships and collaborations across different sectors including automotive sector. The 3-day summit saw MOUs, partnerships, and investment from different foreign and domestic companies in the EV sector.  

Source: News Articles , JMK Research

In public transportation, the Government has already adopted electric vehicles, and approximately 500 electric buses (As on January 11,2024) are currently operational across the state. Besides 5 MOUs and investments in the state, Gujarat State Road Transport Corporation procured 5 Switch EiV 22 electric double-decker buses.  The Government is also keen on smoothening land procurement process for manufacturing and R&D in the automotive and semiconductor sector. 

With dedicated efforts from government and private sector, EV adoption has increased in Gujarat over the years. The state has also made a dedicated portal for EVs under the name EV Gujarat Web portal. In FY2023, the state saw a y-o-y increase of ~326% in the EV sales. The state registered 81,120 EVs in FY2023 which is ~7% of total EVs registered in the country. Gujarat EV policy is set to remain in effect till 2025, promising further growth of EV adoption in Gujarat.

Data Source: Vahan Dashboard, JMK Research