Banking

According to NITI Aayog, India’s electric vehicle finance industry is expected to be worth Rs 3.7 Lakh Crore in 2030

NITI Aayog and Rocky Mountain Institute (RMI) India have released a new report ‘Mobilizing Electric Vehicle Finance in India’, which highlights the role of finance in India’s transition to electric vehicles (EVs) and analyzes that the transition will require a cumulative capital investment of USD 266 billion (Rs 19.7 lakh crore) in electric vehicles, charging infrastructure and batteries over the next decade.

The report also identifies a market size of USD 50 billion (Rs 3.7 lakh crore) for electric vehicle financing in 2030, which is around 80% of the current size of India’s retail vehicle financing industry, d ‘worth 60 billion USD (Rs 4.5 lakh crore) today.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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