India’s transition to electric mobility system can save US$330 billion by 2030- FICCI report

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Overcoming key barriers to vehicle electrification in India’s passenger mobility sector presents an enormous challenge for India, and also a tremendous economic opportunity as India can leapfrog the western mobility paradigm of private-vehicle ownership and create a shared, electric and connected mobility system, saving 876 million metric tonnes of oil equivalent, worth 330 billion dollars (Rs 20 lakh crore) and 1 giga-tonne of carbon-dioxide emissions by 2030.

A Federation of Indian Chambers of Commerce and Industry (FICCI) – Rocky Mountain Institute (RMI) report titled ‘Enabling India’s Transition to Electric Mobility’ was released by the Union Minister Nitin Gadkari at a conference on smart mobility, arranged by FICCI here on Monday.
According to the FICCI-RMI report, using a collaborative approach, coordinated action and the strategies and solutions in this report, India can overcome key barriers to Electric Vehicle (EV) adoption and potentially become a global leader in electric mobility.
Estimates indicate that India’s urban population will nearly double in the next decade, to approximately 600 million in 2030 and forecasts suggest that by then India’s urban population will take almost 500 million trips per day. While this rapid growth presents major policy and business challenges for India’s public and private sectors, respectively, it also presents an enormous economic opportunity.
Optimizing e-mobility use for everyday life with greater thrust on use of public transport, e-vehicles, metro solutions and shared rides as means for mass transit could also prove game-changers in addressing the issue of air pollution in urban areas.
India’s transition to a shared, electric, and connected mobility system can save 330 billion dollars (Rs 20 lakh crore) by 2030 on avoided oil imports alone.

According to the report, if India is successful in reaching its EV target, the market could be enormous. Even under a shared mobility paradigm, over 46,000,000 vehicles (two, three, and four wheelers) could be sold in 2030. This annual market size would present an opportunity for Indian companies to become leaders in EV technology on a global scale.

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