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India spends $130-140 billion a year on crude oil imports, EVs were supposed to fix that But battery demand is heading toward 272 GWh by FY30, Without local cell factories, that means a $23 billion annual import bill, mostly to China. Government put ₹18,100 crore behind PLI for 50 GWh of cell manufacturing. 4 years in, only 1.4 GWh is running, all from Ola Electric, Zero payouts made. Scheme demanded value addition levels no company could meet because lithium and cathode processing do not exist in India yet IEEFA found India could reach 90% localization in EV motors, chargers, and power electronics by 2030. 🎉😉 Sounds like self-sufficiency, It is not - Localization means final assembly happens in India. Value creation means expensive subcomponents inside are also made here. Motor assembled locally still uses IGBT chips, semiconductors that manage power flow, imported from China and Taiwan. Same motor needs rare earth magnets, 90% from China. India chip import dependency sits at 88% from China. Assembling 90% locally while keeping less than half the value is not real manufacturing. When China restricted rare earth exports in April 2025, India magnet stockpiles lasted only two to three weeks. Few companies chose to skip the problem entirely. > Sterling E-Mobility partnered with Advanced Electric Machines in UK to build motors that need zero rare earths. > Sona Comstar developed ferrite-assisted motor, a design that swaps costly rare earth magnets for cheap ferrite alternatives. > Seven Indian automakers are now evaluating these units. Building magnet supply chain takes a decade. > Redesigning motor around shortage can happen in two years. There are some really hidden Chokepoint and Stuff that Now Indian Player are building from scratch and some are really gone deep into it. Yu have to find that In Next 5 year 50 to 80% will be made in India fully :) from battery to Component. this is the time now Nascent stage :)

Mr Raamdeo Agrawal of Motilal Oswal has been the most bullish on this theme, check any of his interview in past 3 years Theme - Financial Infrastructure CDSL NSDL BSE NSE CAMS GROWW ANGELONE Some stocks from this sector

GROWW: RECEIVED LICENCE FOR TRADING U.S. STOCKS ON THE PLATFORM, CURRENTLY IN TESTING PHASE - CONCALL UPDATE