Mobilising electric Vehicle financing in India
Part of: GS Prelims and GS – III – Technology; Environment
- A new report ‘Mobilising Electric Vehicle Financing in India’ was recently released.
- Released by: NITI Aayog and Rocky Mountain Institute (RMI) India
- It highlights the role of finance in India’s transition to electric vehicles (EVs).
- It has also analysed that the transition will require a capital investment of USD 266 billion in EVs, charging infrastructure, and batteries over the next decade.
- Consumers currently face several challenges, such as high interest rates, high insurance rates, and low loan-to-value ratios.
- 10 solutions have been identified to address these challenges.
- Financial institutions such as banks and NBFCs, and the industry and government will be able to adopt solutions.