NITI Aayog unveils roadmap to unlock $200 bn EV sector

In a push to accelerate India’s transition to electric mobility, NITI Aayog on Monday released a comprehensive report titled ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’, outlining key policy interventions and strategies to fast-track electric vehicle (EV) adoption across the country.

The report was unveiled by Rajiv Gauba, Member, NITI Aayog, in the presence of BVR Subrahmanyam, CEO, NITI Aayog, and other senior officials.

India aims to achieve a 30% share of EVs in total vehicle sales by 2030. While the journey has been slow to start, the pace of adoption has shown signs of acceleration. EV sales in the country surged from just 50,000 units in 2016 to over 2.08 million in 2024. In contrast, global EV sales rose from 9,18,000 in 2016 to 18.78 million.

Although India’s EV penetration was only about one-fifth of the global level in 2020, it has since improved to over two-fifths by 2024. The report notes this upward trajectory but cautions that sustained momentum will require stronger policy pushes and targeted interventions.