EV Sales Surge by 25.64% Compared to Last Year: MHI Report
From April to November 2024, India has seen the most phenomenal rise in electric vehicle (EV) adoption with 13.06 lakh EVs registered. This is an increase of 25.64% over the previous year during this time. The PM E-DRIVE scheme is incentivizing such growth, with ₹10,900 crore earmarked to promote electric buses as well as two- and three-wheelers, e-trucks, ambulances, and charging stations. The initiative also encourages local manufacturing through the Phased Manufacturing Programme to enhance India's EV ecosystem. Minister Bhupathiraju Srinivasa Varma highlighted these achievements in Lok Sabha, focusing on the scheme that encourages the mobility achievement. It makes clear how India wants to cut emissions and dependence on fossil fuels.
Delhi Emerges as India's EV Adoption Leader: FICCI-YES Bank Report
Delhi is leading India's electric vehicle (EV) adoption with an impressive 11.5% penetration rate, followed by Kerala at 11.1% and Assam at 10%. A FICCI-YES Bank report attributes this success to Delhi's focus on EV adoption across multiple segments. States like Gujarat, Odisha, Kerala, and Punjab have also shown the highest CAGR in EV sales from FY21 to FY24, reflecting strong momentum.
According to the report, states must rekindle policies for electric vehicles, extend public transport mandates, and invest in charging infrastructure if India is to realize its net-zero objectives. It reveals the necessity for doubling the prevailing penetration rate of EVs by the year 2030 in terms of national targets. Recommendations on the issue include stimulating synergies between central and state governments, promoting fiscal measures, and creating a favorable policy environment to attract investors.
This collaborative effort is vital for bridging the gap between ambition and execution, accelerating India's transition toward a zero-emission future.
Conclusion
India's electric vehicle segment is now perhaps experiencing top growth levels, with Delhi registering a remarkable 11.5% penetration in EVs. The PM E-DRIVE scheme and progressive state policies gives impetus to growth as also signifies the commitment of the country towards sustainability in mobility. EV registrations increased up to 25.64% and further contributions by states such as Kerala, Assam, Gujarat, and Punjab stressed the need for a coherent national strategy.
Investment in infrastructure, stimulation of policy renewals, and cooperation across the central and state governments will gain investments in order to achieve net-zero goals and double up EV penetration by 2030. If this growth trend is maintained and addressed with challenges, India appears positioned to take on the world as a leader in sustainable transport-it will definitely lead toward a cleaner, greener future.
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