India Can Set a Global Benchmark for Sustainable Mobility with Ambitious EV Goals: Report

18 Dec 2024

A report released on Thursday stated that with EV sales hitting 1.2 million and reaching 5% market penetration in FY24, the transition to electric mobility in India is gaining significant traction. It also highlighted that appropriate policy support and quicker decision-making can facilitate collaboration among stakeholders. Electric vehicles (EVs) are becoming a key solution, aligning with India’s COP26 pledge to shift to 100% zero-emission vehicles by 2040.

The KPMG in India-CII report emphasises that infrastructure and policy are crucial for accelerating the adoption of electric vehicles (EVs) in India’s goal of achieving a $5 trillion economy.

"The electric vehicle revolution signifies the beginning of a new chapter for India—one characterised by innovation, economic progress, and environmental responsibility. This transition goes beyond adopting zero-emission transportation; it represents a comprehensive transformation in infrastructure, finance, technology, and mindsets," said Raghavan Vishwanathan, Partner-Automotive, KPMG in India.

"By bridging infrastructure gaps, providing affordable options for consumers, and fostering societal trust in EVs, India has the potential to set a global standard for sustainable mobility, green growth, and inclusive prosperity," he remarked.

The report identifies four crucial pillars for accelerating EV adoption: physical infrastructure (expanding charging networks and enhancing battery recycling), power infrastructure (managing demand and integrating renewable energy), economic infrastructure (ensuring accessible financing and optimising taxation), and social infrastructure (increasing stakeholder awareness and fostering education).