Rise in EV registrations projected to slash import costs by trillion rupees

A rapid increase in electric vehicle registrations is set to deliver a massive saving on India's import bill, according to a recent SBI Research analysis. Achieving a 20% EV share by 2030 could reduce the country's import outlay by nearly one lakh crore rupees.

The surge began after the West Asia conflict on February 28, with monthly EV registrations climbing to an average of 230,000 between March and June, compared with the 130,000‑per‑month expected for 2025.

The report forecasts that total EV registrations will cross the 2.5 million mark in 2026. Fully electric car penetration, less than 2% in 2024, has already risen to more than 8% in 2026, and some states have breached the 10% threshold.

Infrastructure is a decisive element: India hosts 29,151 charging stations, but 35% of them are clustered in Karnataka and Maharashtra. Delhi's upcoming EV policy targets the creation of 32,000 additional charging points over the next four years.

Vehicle numbers are projected to increase from 28.6 million in 2025 to 40 million by 2030, with EVs expected to constitute 20% of the fleet. The Delhi policy enhances affordability through incentives—₹60,000 for two‑wheelers, ₹1.2 lakh for three‑wheelers, and a ₹1 lakh subsidy for N1 commercial trucks—plus full exemptions from road tax and registration fees.