India has the potential to become one of the largest electric vehicles (EVs) markets in the world, with the government pushing for the segment in order to curb pollution and reduce reliance on import-dependent fossil fuel, says a report. However, the uptake of EVs has been slow in the country due to the high upfront as well as life cycle costs cost but long-term investment in research and development (R&D) will create sustained growth, according to the report by the Word Economic Forum and Ola Mobility Institute. Apart from investment, government backing and direction will be crucial for accelerating adoption and deployment of electric mobility, it added. The report said there are 10 states and union territories (UTs) that are leading the way in building production, infrastructure and services to increase the momentum of EV usage in India. These states and UTs are Andhra Pradesh, Bihar, Delhi, Karnataka, Kerala, Maharashtra, Tamil Nadu, Telangana, Uttarakhand and Uttar Pradesh. “Considering the strong governmental push towards EVs, India has a huge potential to become one of the largest EV markets,” the report noted.

(Economic Times)