GameChanger Law Advisors, Speciale Invest release report on regulatory landscape for EV Battery Packs in India

GameChanger Law Advisors (GLA) and Speciale Invest have jointly released a report titled "Charging Ahead," offering an in-depth analysis of electric vehicle (EV) battery packs and their regulatory landscape in India..The report points to huge potential for India in manufacturing EV battery packs as the country is heavily dependent on importing 60-65% of the total component requirement for battery packs..As per the report, the Indian EV battery market size is also expected to grow from $6.77 billion in 2023 to $27.70 billion by 2028, at a compound annual growth rate (CAGR) of 10.56% between 2023 and 2028, indicating that India's EV battery industry landscape is at the cusp of a remarkable expansion..Amrut Joshi, founder of GLA, noted in a press release, "This Report is an outcome of a unique collaboration between lawyers, investors, and electric mobility industry operators. In this report, we have examined the current legal landscape for EV battery packs in India and provided a comparative reference point for Indian policymakers by drawing their attention to regulations in California, the European Union, and the United Kingdom.".Speciale Invest's investments in companies like Ultraviolette, ePlane, and eTRNL have given the organization invaluable insights into India's electric vehicle and battery pack markets, the press release added. .Vishesh Rajaram, Managing Partner of Speciale Invest, said,“As we embark on this journey with GameChanger Law Advisors, ‘Charging Ahead’ aims to empower founders, investors, and policymakers alike with the knowledge and guidance needed to accelerate India's transition towards a sustainable, electric future.”.In 2022, the Indian EV market was valued at $3.21 billion and is projected to reach $113.99 billion by 2029, with a compound annual growth rate of 66.52%. A notable trend is that 25% of EVs sold in India in 2022 were purchased by fleet operators, including taxi services. The increased popularity of EVs in India, driven by their eco-friendliness and efficiency, has prompted the Indian government to set a target of achieving 30% electrification of the country's vehicle fleet by 2030.The Economic Survey of 2023 predicts a remarkable 49% compound annual growth rate in India's domestic EV market between 2022 and 2030, with annual EV sales expected to reach 10 million units by 2030..The report outlines a set of suggestions for Indian policymakers on a host of concepts, including but not limited to carbon footprint declaration (CFD), battery swapping policy, battery passport, second-life battery policy and safety standards for second-life batteries. The report also describes the Guidelines for Battery Safety Tests issued by the Ministry of Heavy Industries in November 2022 to enhance human safety and maps it with safety regulations prescribed in other jurisdictions..About GLA.Founded in 2011, GLA is a corporate and commercial law firm that does work in the venture capital, technology, social enterprises, impact investing, climate tech and electric mobility ecosystems in India. The team at GLA advises clients operating in these industries on a range of business-critical legal and governance assignments..About Speciale Invest.Speciale Invest is a deep science and tech venture fund investing in zero-to-one journeys of disruptive tech builders.The fund has been operating for over six years and has over $70 million in assets under management. It has invested in 35+ startups across pre-seed and seed stages that operate in various sectors, such as health/biosciences, space tech, climate/clean tech, industry tech and AI tech..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.