India’s Electric Vehicle financing industry is projected to be Rs 3,70,000 Crore in 2030. This was said in the report titled Mobilising Electric Vehicle Financing in India, which was released by NITI Aayog and Rocky Mountain Institute India. The report highlights the role of finance in India’s transition to electric vehicles.
NITI Aayog has said that India’s Electric Vehicle ecosystem has so far focused on overcoming adoption hurdles associated with technology cost, infrastructure availability, and consumer behaviour. It said, Financing is the next critical barrier that needs to be addressed to accelerate India’s electric mobility transition. The report analyses that the transition will require a cumulative capital investment of over 19 lakh crore rupees in electric vehicles, charging infrastructure, and batteries over the next decade.
The report has also proposed a toolkit of 10 solutions that can be adopted in catalysing the required capital. Solutions recommended in the report include priority-sector lending and interest-rate subvention, creating better partnerships between Original Equipment Manufacturers and financial institutions, having a developed and formal secondary market to improve the resale value of electric vehicles.
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