Niti Aayog moots priority sector lending for EVs
Niti Aayog has proposed inclusion of electric vehicles in the Reserve Bank of India’s priority-sector lending guidelines, saying the move will help give a significant push to retail lending for EVs.
Banks and non-banking financial companies (NBFCs) in India have the potential to achieve an electric vehicle (EV) financing market size of ₹40,000 crore by 2025 and ₹3.7 lakh crore by 2030, the official think tank said in a report on EVs released on Friday.
“However, retail finance for EVs has been slow to pick up,” said the report prepared along with Rocky Mountain Institute (RMI) and RMI India.
