Niti Aayog releases ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’ report

Niti Aayog said on Monday that it has released a report titled ‘Unlocking a $200 Billion opportunity: Electric Vehicles in India’, to recommend multiple approaches to expedite India’s transition to electric vehicles, as India sets its sights on attaining a 30% share of vehicles sold in India to be electric vehicles.

The report was released by Rajiv Gauba, member, Niti Aayog, in the presence of BVR Subrahmanyam, CEO, Niti Aayog, OP Agarwal, distinguished fellow, Niti Aayog, and Sudhendu Sinha, programme director—e-mobility, Niti Aayog, among other dignitaries. The report serves as a blueprint for accelerating India’s EV transition, and was developed through extensive stakeholder consultations across seven dedicated convenings held at Niti Aayog.

It identifies key barriers, strategic unlocks, and actionable recommendations to accelerate EV adoption. By enabling data-driven decisions and cross-sector collaboration, it supports a unified national push, and recommends the next steps to be taken to accelerate the adoption of electric vehicles in India. “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,” said Gauba at the launch of the report.

Subrahmanyam, on the other hand, added that the 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”.

Sales of electric vehicles in India went up from 50,000 in 2016 to 2.08 million in 2024, as against global EV sales having risen from 918,000 in 2016 to 18.78 million in 2024. Thus, India’s transition has been slow to start, but it is picking up. India’s EV penetration was only about one–fifth of the global penetration in 2020, but has picked up to over two-fifths of the global penetration in 2024. It continues to show an increasing trend, though relatively slow, which is what led to the need for additional measures to give a stronger push to the EV transition.