NITI Aayog lays out a blueprint to fast-track EV adoption in India

NITI Aayog calls for a shift in approach towards electric vehicles, moving from incentives to mandates and disincentives, focusing on high-potential vehicle segments and geographies and enabling financing for electric buses and trucks.

In its report ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’s, released on Monday, the Aayog has proposed establishing a national electric vehicle policy with clear targets and timelines along with a regulatory framework with phased EV mandates to unlock the $200 billion opportunity in India’s electric mobility sector.

Further, the Aayog has recommended operationalising a blended finance facility to reduce capital costs for commercial EV segment and implementing pilot programmes to achieve 100% electrification of buses, paratransit and freight vehicles in five urban areas.

The Aayog also calls for prioritising service delivery models over asset procurement, shifting capital costs to operating expenditures and scaling R&D efforts to drive down battery costs, enhance energy density and reduce reliance on imported rare earth materials.

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“Strategic scaling of charging infrastructure and enhancing public awareness and information systems are critical enablers,” the Aayog said.India aims to achieve a 30% share of electric vehicles in total vehicle sales by 2030. As per the Aayog, with 18.78 million EV sales in 2024 or just 7.6% of total vehicle sales, the country needs to accelerate significantly to meet its 2030 targeting which will require an increase of over 22% in the next five years.

The report provides data-driven insights, identifies key unlocks and recommends actionable steps to support a faster, more coordinated national transition to clean mobility.

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