EV financing industry to be worth ₹3.7 lakh crore by 2030: Report
India’s transition to electric vehicles (EVs) will require a cumulative capital investment of 266 billion dollars (about ₹19.7 lakh crore) in EVs, charging infrastructure and batteries over the next decade, according to a report released by NITI Aayog and Rocky Mountain Institute (RMI) on Tuesday.
The report also identifies a market size of $50 billion ( ₹3.7 lakh crore) for the financing of EVs in 2030 — about 80% of the current size of India’s retail vehicle finance industry worth $60 billion ( ₹4.5 lakh crore).”The need of the hour is to mobilise capital and finance towards EV assets and infrastructure,” said Amitabh Kant, CEO of NITI Aayog.
