India’s EV push could save $125 billion by 2050
New Delhi: A new study from the International Council on Clean Transportation (ICCT) suggests that if electric vehicle (EV) adoption accelerates in India across all vehicle segments, the country could save up to $125 billion by 2050. The primary savings come from reduced oil and battery imports, which easily surpass the cost of importing batteries alone.
According to Amit Bhatt, ICCT's India managing director, the quicker India transitions to electric vehicles, the less vulnerable it becomes to global crude price fluctuations, strengthening its case for self-reliance under Aatmanirbhar Bharat. The study models India's battery demand from 2024 to 2050 across various on-road vehicle segments and tests three EV adoption pathways against four battery localization scenarios.
Even with continued battery imports, faster EV adoption could reduce vehicle-related imports by around 61%, from $153 billion to $59 billion. Coupling rapid manufacturing with domestic battery production could increase these savings to 82%, valued at approximately $125 billion annually.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
