India recently surpassed 5 million electric vehicles (EVs) on its roads. As 2024 draws to a close, we have a milestone to celebrate and a better growth trajectory to anticipate in 2025. National EV adoption has surged from 0.7% in 2020 to 6.3% of the vehicular base in 2024. The country's on-road EV count includes 2.6 million two-wheelers, 2 million three-wheelers, 300,000 four-wheelers and over 10,000 buses. Collectively, the plying of these zero-emission vehicles has reduced carbon emissions by an estimated 10 million tonnes.
This EV growth story underlines our commitment to ambition coupled with action. A growing hub for EVs and their components, India has been pushing the boundaries of innovation and investment in green mobility solutions. The past decade has been the harbinger of a paradigm shift in Indian mobility. Under the leadership of Prime Minister Narendra Modi, India witnessed the pulling of policy levers that catapulted EV adoption across various segments.
Catalytic schemes reflect the government's confidence in EV adoption to help meet climate targets. Together, central and state government schemes have invested $15.1 billion in electric mobility. Additionally, startups in this space have received $6.4 billion in private funding.
This story is from the December 23, 2024 edition of Mint Bangalore.
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This story is from the December 23, 2024 edition of Mint Bangalore.
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