A new report by the Rocky Mountain Institute (RMI) outlines a strategic roadmap for India to achieve energy independence in its mobility sector by 2047. The report, titled “India at 2047: A Vision for Energy Independence in the Mobility Sector,” emphasizes the urgent need for a nationwide shift to electric vehicles (EVs) across all road transport segments.
RMI’s analysis reveals that India could drastically reduce its dependence on crude oil imports by ensuring that 100% of new vehicle sales are clean fuel (primarily electric) by 2043. This transition is projected to cut crude oil consumption in the road transport sector by 91%, resulting in cumulative savings of INR 160 lakh crore (US$ 1,923 billion). Additionally, it estimates a nearly 14-gigatonne reduction in carbon emissions—an 87% decrease compared to a business-as-usual scenario in 2047.
The report highlights several key elements essential for this transformation, such as cohesive policies, innovative financing, and a circular economy for EV batteries. Investments in charging infrastructure and a robust domestic EV supply chain are also crucial for a seamless transition.
“India has set a goal for energy independence under Prime Minister Modi’s Atmanirbhar Bharat vision,” said Amitabh Kant, G20 Sherpa, Government of India. He noted that with 12.3 lakh EVs registered and a 7.6% sales penetration, the mobility sector, which accounts for 18% of the country’s energy demand, is making significant progress.
Sumant Sinha, Chair of the RMI Board, stressed the importance of this transition, noting that India’s per capita energy consumption is expected to double by 2047. He highlighted the country’s achievements in clean technology adoption as part of the ongoing energy transition.
Key Insights from the RMI Report:
- EV Adoption: India’s EV sales have grown at a CAGR of 90% between 2019 and 2023.
- Charging Infrastructure: Over 1.3 lakh charging stations have been installed, with plans for further expansion.
- Battery Manufacturing: Domestic capacity is expected to reach 40 GWh by 2030, reducing reliance on imports.
- Job Creation: The shift to electric mobility is projected to create over 10 million jobs by 2040.
- Economic Impact: EV adoption could contribute INR 15 lakh crore (US$ 180 billion) to India’s GDP by 2030.
These projections underline the immense potential of India’s EV transition to drive economic growth, cut fossil fuel dependence, and contribute to climate change mitigation.
