India’s flagship PM E-DRIVE scheme has significantly accelerated electric vehicle adoption, supporting more than 23 lakh electric two- and three-wheelers and helping EV penetration rise from 0.7 per cent in FY20 to 8.2 per cent in FY26.

Electric vehicles in India are projected to account for 10-12% of total vehicle sales in FY27, driven primarily by electric two-wheelers, according to a study by Ind-Ra.

FAME-II, PM E-DRIVE, PLI schemes drive demand and supply; no fixed 2047 target for EV numbers