NITI Aayog’s latest report, “Electric Vehicles in India: Unlocking a USD 200 Billion Opportunity”, underscores that electric vehicle adoption in India remains significantly slower than in the US, EU, and China. In 2024, EVs accounted for just 7.6% of total vehicle sales—far below the 30% goal for 2030. While India has made notable strides in two‑wheeler and three‑wheeler segments, adoption of electric cars, buses, and long‑haul trucks is lagging.
The report emphasizes that incentives alone have not driven sufficient growth, with over ₹40,000 crore spent over the past decade yielding only modest gains. Instead, NITI Aayog advocates for soft mandates as a strategic policy shift—initially targeting public buses, freight fleets, and government vehicles, with progressive tightening over time.
Key recommendations include establishing a National EV policy with clear timelines and regulatory frameworks, implementing stricter Corporate Average Fuel Efficiency (CAFE) norms, and introducing disincentives for internal combustion engine (ICE) vehicles. The plan also stresses the need for accelerated development of charging infrastructure, financing mechanisms like pooled funds for e‑buses and e‑trucks, and enhanced public awareness and data systems.
India has surged from selling just 50,000 EVs in 2016 to over 2.08 million in 2024, but reaching the remaining 22.4% of its target in just five years demands bold, coordinated action across policy, regulation, financing, and infrastructure to transform India into a global electric mobility leader.
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