The transition from internal combustion engine (ICE) industry to electric vehicle
(EV) industry has significant financial implications for both the automotive
industry, government, and associated partners. The shift to EVs could lead to
savings in foreign exchange reserves, the creation of new jobs, and a reduction
in greenhouse gas emissions. However, the transition could also result in job
losses in the automobile and its associated manufacturing industry. This study
aims to analyze the impact of this transition on different stakeholders in
India. The study takes into account the different financial aspects that
includes production, technology, government policy, skilling, employability, job
creation, and other associated aspects on Indian economy. For the projected
study different cases were considered with 2030 as the projected year with 30%
EVs. A modest attempt is made to analyze the impact on associated partners. The
findings of the study suggest that the transition to EVs could lead to reduced
imports, job creation in new emerging areas, reduction in emissions, and
enhanced technical and innovation capabilities in the EV sector if collaborative
efforts are there among three major stakeholders, i.e., government, automotive,
and petroleum industry.