NITI Aayog unveils a report highlighting a $200 billion opportunity in the electric vehicle sector in India.

On Monday, NITI Aayog released an in-depth report titled, "Unlocking a $200 Billion Opportunity: Electric Vehicles in India," offering a thorough examination of the existing challenges and strategic guidance required to achieve growth towards India’s transition to electric transportation. 

Rajiv Gauba of NITI Aayog delivered the report, accompanied by CEO B.V.R. Subrahmanyam and Kamran Rizvi, who is the Secretary of the Ministry of Heavy Industries, O. P. Agarwal, Distinguished Fellow at NITI Aayog, and Sudhendu Sinha, Programme Director for E-Mobility at NITI Aayog, accompanied by other esteemed guests.

NITI Aayog Report Details 

As per NITI Aayog, by the year 2030, India is expected to have a 30% share of electric vehicles in its overall sales. EV sales across the country are witnessing an impressive growth from 50,000 units in 2016 to 2.08 million in 2024, as compared to global EV sales which amounts to 9,18,000 in 2016 to 18.78 million units in 2024. 

Looking at the numbers it is pretty evident that India’s transition towards EV mobility witnessed a slow start, however it has gained constant growth over the years. Currently EV adoption in India is only one-fifth of the global level in 2020, and will reach over two-fifths by 2024, however it still requires a stronger boost. 

This report is developed via seven dedicated stakeholder consultations, as the report provides technical suggestions to overcome barriers arising in the widespread adoption of EVs in the country and possible opportunities to unleash the full potential of sustainable transportation in India. 

The report addresses key problems, identifies strategic opportunities, and provides immediate solutions to increase EV adoption at a rapid rate. 

Rajiv Gauba shared his thoughts regarding the launch, mentioning, "NITI Aayog is at the helm of successfully facilitating a seamless transition to a greener revolution. This report will be providing valuable suggestions and recommendations to overcome barriers and exploring the possibilities of EV expansion. 

Upon hearing this, B.V.R. Subrahmanyam added, "NITI Aayog is consistently working to advance the green revolution. This report also reflects various issues with the implementation of various strategies to accelerate EV adoption.”

The report also reflects data-focussed decision making, cross-sector collaboration, and a unified national approach, which are core factors required for unlocking the projected $200 billion opportunity in India’s EV sector. Users can read this full report on the NITI Aayog website.