EV Financing Industry To Be Worth Rs 3.7 Lakh Crore By 2030: Niti Aayog Report
A report titled 'Mobilising Electric Vehicle Financing in India', prepared by Niti Aayog and Rocky Mountain Institute (RMI) India said that the electric vehicle (EV) financing industry is projected to be worth Rs 3.7 lakh crore in 2030. The amount is 80 percent of the current retail vehicle finance industry.Â
The report highlighted that the end-users currently face several challenges, such as high-interest rates, high insurance rates, and low loan-to-value ratios. India's transition to electric vehicles (EVs) would require a cumulative capital investment of USD 266 billion (Rs 19.7 lakh crore) in EVs charging infrastructure, and batteries over the next decade said the report.