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A Year of Reset: India's PV Market's Late-2025 Revival

India’s PV industry was on track for a year-on-year decline when the sudden cut in GST breathed new life into sagging sales, putting it on track for a modest growth for the year.

By Darshan Nakhwa

22 Dec 2025

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A Year of Reset: India's PV Market's Late-2025 Revival

India’s passenger vehicle industry spent 2025 navigating policy shifts, supply disruptions and evolving consumer priorities, yet still found its way back to growth. Retail volumes for January-October edged up by 4% despite months of muted sentiment, disrupted EV supply chains and a fragmented powertrain landscape.

The turning point came in September with the rollout of GST 2.0. The reform reset vehicle affordability across segments and coincided with the festive season, pulling buyers back into showrooms and restoring momentum after a prolonged period of hesitation.

From January to August, the industry moved through an uneven stretch. Consumer sentiment stayed ...

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