New Delhi, Dec 12 (IANS) With EV sales reaching 1.2 million and achieving 5 per cent market penetration in FY24, the shift toward electric mobility is rapidly gaining momentum in India, a report said on Thursday, adding that right policy support and faster decision-making can help in fostering collaborations across stakeholders.
EVs are emerging as a transformative solution, in line with India’s COP26 commitment to transition to 100 per cent zero-emission vehicles by 2040.
According to the KPMG in India-CII report, infrastructure and policy are the key to accelerating EV adoption in India’s $5 trillion economy vision.
“The electric vehicle revolution marks the dawn of a new era for India — one defined by innovation, economic growth, and environmental stewardship. This is more than just a shift to zero-emission transportation; it’s a systemic transformation of infrastructure, finance, technology, and mindsets,” said Raghavan Vishwanathan, Partner-Automotive, KPMG in India.
“By addressing infrastructure gaps, creating affordable pathways for consumers, and building societal trust in EVs, India can set a global benchmark for sustainable mobility, green growth, and inclusive prosperity,” he added.
The report identifies four key pillars essential to accelerating EV adoption: physical infrastructure (expanding charging networks and improving battery recycling), power infrastructure (managing demand and integrating renewable energy), economic infrastructure (ensuring affordable financing and optimized taxation), and social infrastructure (raising stakeholder awareness and promoting education).
High EV penetration in states like Karnataka, Maharashtra, Delhi, and Kerala with over 1,000 charging stations shows the importance of infrastructure. The World Bank finds infrastructure focus four times more effective than demand incentives.
Many factors such as policy support, total cost of ownership parity, startup ecosystem, and technology access are aiding the growth. In addition, India has set the ambitious target of 30 per cent penetration by 2030 as part of EV30@30 campaign.
“Right policy support and faster decision-making can help in fostering collaborations across stakeholders in the EV ecosystem including government bodies, private enterprises, and international partners which shall drive innovation and investment, requisite for development of infrastructure that keeps pace with the growing demand for EVs,” according to the report.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
