India’s transition to EVs has advanced rapidly in the past few years. A supportive policy environment, improving economics, and emerging business models have poised the EV market for significant growth in the coming decade. Key barriers related to EV adoption—including technology cost, infrastructure availability, and consumer behavior—must be overcome.
NITI Aayog and Rocky Mountain Institute has come out with a report titled “Mobilising Finance for EVs in India”: A Toolkit of Solutions to Mitigate Risks and Address Market Barriers” which identified solutions to direct capital and financing to aid in India’s EV transition.