NITI Aayog launches report charting roadmap to unlock $200 billion electric vehicle opportunity in India

New Delhi: NITI Aayog on Monday released a landmark report titled ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’, offering a comprehensive blueprint to accelerate India’s transition towards electric mobility and harness its multi-billion-dollar potential. The report has been launched by NITI Aayog's Member Rajiv Gauba in the presence of NITI Aayog CEO BVR Subrahmanyam, Ministry of Heavy Industries' Secretary Kamran Rizvi, Distinguished Fellow's OP Agarwal and Programme Director (E-Mobility) Sudhendu Sinha among other dignitaries.

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The report identifies major challenges, strategic unlocks, and actionable policy recommendations aimed at achieving India's target of 30 percent electric vehicle (EV) penetration in total vehicle sales by 2030. While global EV sales rose from 918,000 in 2016 to 18.78 million in 2024, India saw a significant increase from just 50,000 EVs in 2016 to over 2.08 million in 2024. Though the growth trajectory remains slower than global trends, India’s EV penetration has climbed from one-fifth of the global rate in 2020 to over two-fifths in 2024—an encouraging sign of upward momentum.

Developed through seven dedicated stakeholder convenings, the report reflects a wide array of industry and policy perspectives. It outlines immediate next steps and emphasizes the need for data-driven decisions, cross-sector collaboration, and cohesive national strategies to drive large-scale EV adoption.

Speaking at the launch, Rajiv Gauba said, “India stands at the cusp of a transformative shift in clean mobility. As the nation advances its electric mobility ambition, this report provides valuable insights and policy-aligned recommendations to overcome existing barriers and unlock scale.”

Subrahmanyam added, “NITI Aayog has already been at the forefront of enabling the ongoing EV revolution. This report offers a timely and comprehensive review of current challenges, alongside actionable recommendations to fast-track the EV transition in India.”

The full report is available on the NITI Aayog website and is expected to serve as a guiding document for policymakers, industry leaders, and investors looking to tap into India’s evolving EV ecosystem.

Access the report here: Electric Vehicles in India Report

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