New Delhi: India is on the verge of an e-mobility revolution that could significantly reduce oil imports, tackle rising air pollution, and help the country meet its climate commitments by lowering the energy intensity of GDP, according to a joint report by Grant Thornton Bharat and FICCI.
The report highlights several drivers that will accelerate India’s transition to electric vehicles (EVs): stronger government policy support, falling technology costs, growing consumer awareness, and increasing concern over deteriorating air quality.
As part of its long-term roadmap, the Centre is aiming to sharply increase the penetration of EVs by 2030. The targets include:
- 35% share of EVs in two-wheelers,
- 65–75% in three-wheelers,
- 30% in passenger four-wheelers, and
- 40% in buses.
The report also notes that from a consumer standpoint, EVs remain economically viable, especially as fuel prices continue to rise. To complement the EV push and simultaneously shore up finances, the government has raised taxes on petroleum products.
Beyond environmental and fiscal benefits, the study predicts that the EV sector will play a key role in India’s post-pandemic economic revival.
“By 2024, the government aims to register half a million new EVs and plans to provide additional financial incentives beyond the current income tax rebates for buyers,” the report said.
With these measures, India is expected to build one of the largest EV markets in the world, potentially reshaping not only its transport sector but also its manufacturing and energy ecosystem.
