NITI Aayog Releases Report on Electric Vehicles in India Valued at $200 Billion
NITI Aayog has unveiled a pivotal report titled “Unlocking a $200 Billion Opportunity: Electric Vehicles in India,” which offers a thorough evaluation of the challenges facing the electric vehicle (EV) sector in the country. The report emphasizes the critical steps needed to expedite India’s transition to electric mobility. With ambitious goals set for 2030, the findings highlight both the progress made and the hurdles that remain in achieving a significant share of EVs in the automotive market.
Key Findings and Goals
The report outlines India’s target of achieving a 30% share of electric vehicles in total vehicle sales by 2030. The growth of EV sales in India has been notable, increasing from 50,000 units in 2016 to an impressive 2.08 million units in 2024. In comparison, global EV sales surged from 918,000 in 2016 to 18.78 million in 2024. Despite this growth, India’s EV penetration remains relatively low, accounting for only about one-fifth of the global market in 2020, although it has now risen to over two-fifths in 2024. This gradual increase underscores the need for more robust measures to accelerate the transition to electric vehicles.
Strategic Recommendations
Developed through extensive consultations with stakeholders, the report presents various strategies to enhance the adoption of electric vehicles in India. It identifies key barriers to EV growth and proposes actionable recommendations aimed at overcoming these challenges. The report serves as a blueprint for stakeholders, encouraging data-driven decisions and fostering collaboration across sectors to support a unified national effort in promoting electric mobility. Immediate next steps have been recommended to kickstart the acceleration of EV adoption, emphasizing the urgency of action in this critical area.
Insights from NITI Aayog Leadership
During the report’s launch, Shri Rajiv Gauba, a member of NITI Aayog, highlighted the transformative potential of clean mobility in India. He stated that the report provides essential insights and policy-aligned recommendations to address existing barriers and facilitate large-scale adoption of electric vehicles. Shri B. V. R. Subrahmanyam, CEO of NITI Aayog, echoed this sentiment, noting that the organization has been instrumental in driving the ongoing EV revolution. He emphasized that the report offers a comprehensive review of current challenges and actionable strategies to expedite the transition to electric vehicles in India.
Accessing the Report
The report “Unlocking a $200 Billion Opportunity: Electric Vehicles in India” is now available for public access. Interested parties can view the full document online at the NITI Aayog website. This comprehensive assessment not only highlights the current state of the EV market in India but also serves as a crucial resource for policymakers, industry stakeholders, and researchers aiming to understand and contribute to the future of electric mobility in the country.
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