The initiative could significantly impact the EV market in India by potentially lowering costs and reducing dependency on imports. However, the slow pace of progress and the need for substantial capital investment may delay cost reductions for consumers. Additionally, the lack of domestic refining capacity for critical minerals poses a risk to the sustainability of the initiative. While two-wheeler and three-wheeler EVs have already achieved price parity with petrol vehicles, the passenger car segment remains vulnerable to global commodity price fluctuations and foreign exchange rates.