By Suyyog Kellusskar | Senior Director – Industrial Goods & Services,
1Lattice
“Policy
is not the end of a journey — it is the starting pistol. The real race is in
execution.”
Framing the Moment
Delhi isn’t just India’s capital. It’s the country’s
most closely watched urban experiment — and nowhere is that scrutiny sharper
than on how the city moves. Nearly a quarter of Delhi’s winter air pollution
comes from vehicles. Two-wheelers alone make up 67% of the total vehicle stock.
That’s not a footnote. That’s the problem.
Against this backdrop, the Delhi EV Policy 2026–2030
arrives not as a gentle nudge but as a firm push. Published on April 11, 2026,
with a 30-day public feedback window currently open, this four-year framework
is more than a subsidy document. It’s a regulatory statement, a commercial
signal to OEMs, and — if executed well — a genuine reform agenda for how
India’s most polluted capital gets around.
I’ve spent the better part of two decades advising
automotive and industrial businesses through structural change. I’ve read a lot
of policy documents in that time. This one, I read not just as a brief but as a
strategic map. Some contours are clear and well-drawn. Others are conspicuously
blank. Here’s what I found.
The Architecture of
the Policy — What’s Been Built
A Policy That Has
Learned From Its Predecessor
The Delhi EV Policy 2020 was the right idea, poorly
delivered. Subsidies were slow to reach buyers, charging infrastructure stayed
patchy, and a genuine demand-side push was never matched by any obligation on
the supply side. The 2026 policy has clearly absorbed those lessons.
Four things stand out as meaningful improvements.
The shift to direct benefit transfer (DBT) is
the most consequential structural change. Removing the dealer from the subsidy
chain reduces leakage, cuts delay, and closes a long-standing mis-selling
loophole. In my experience, the gap between policy announcement and the moment
a buyer actually realises the benefit has been one of the most reliable demand
killers in India’s EV story. DBT doesn’t fix everything — but it fixes the
right thing first.
The year-wise declining incentive structure for
two-wheelers (starting at 10,000/kWh in Year 1, tapering to ?3,300/kWh in Year
3) is economically sensible. Front-load the stimulus, drive volume, and let
cost curves do the rest. China’s NEV policy used exactly this logic; it worked.
The alignment with PM E-DRIVE reduces the compliance
headache for OEMs juggling multiple incentive stacks. That said, there’s a
critical tension buried in this claim. PM E-DRIVE’s L5 three-wheeler (e-auto)
incentive category closed on December 26, 2025. There’s currently no central
subsidy for new L5 registrations. So when Delhi says it “aligns” with PM
E-DRIVE for e-autos, it’s describing a bridge with traffic flowing in only one
direction. The INR 50,000 state incentive is now the only formal support layer for
the segment the mandate targets most urgently. The Ministry of Heavy Industries
and GNCTD need to address this gap — before the January 2027 deadline arrives.
And then the most consequential provision of all: hard
electrification mandates. Only electric three-wheelers from January 2027.
Only electric two-wheelers from April 2028. These aren’t aspirational targets.
They’re deadlines — and they have real teeth.
The Scrapping
Incentive as a Demand Multiplier
The scrapping incentive provisions in Section 4.6
deserve more attention than they’ll probably get. For electric cars priced
below INR 30 lakh, a INR 1,00,000 scrapping incentive is on offer to the first
1,00,000 eligible applicants — provided they scrap a Delhi-registered BS-IV or
below vehicle and buy within six months of the Certificate of Deposit.
This is smart design. It simultaneously drives fleet
renewal and polluter removal. The six-month window creates urgency
without being punitive. The 1,00,000 applicant cap contains the fiscal risk
while still addressing a meaningful slice of the addressable market.
For the entry-level electric car segment — where Tata
Motors currently dominates — this Rs1 lakh boost, stacked on top of road tax and
registration fee exemptions for sub-INR 30 lakh EVs, could close the effective
ownership cost gap with ICE vehicles to near-zero in Year 1. That’s not a minor
incentive. That’s a genuine purchase trigger.
The Infrastructure
Play — DTL as Nodal Agency
One of the most persistent failure modes in Indian EV
infrastructure policy has been accountability diffusion — too many agencies
with overlapping turf and no single entity actually responsible. The 2026
policy takes a swing at this by designating Delhi Transco Limited (DTL) as
the nodal agency for all public EV charging and battery swapping
infrastructure, covering planning, site selection, SOP development, digital
portal management, and single-window clearance.
The design logic is right. Whether DTL has the
organisational muscle to execute at the speed and scale this mandate demands is
the open question — one I’ll return to. But at least the accountability is
clear, which is already an improvement on the status quo.
The policy also establishes a High-Powered
Committee under the Chief Secretary, pulling together Transport, Power,
Finance, Environment, and the DISCOMs. That’s the right room of people. Getting
them to move in the same direction, at the same speed, is the hard part.
Positive Impacts —
What This Policy Gets Right
A Structural Demand
Floor for Two-Wheeler and Three-Wheeler OEMs
For India’s leading EV players — TVS Motor (now the
e-2W market leader with ~23% share in CY2025), Bajaj Chetak (~25%), Ather
Energy (fast-rising), Hero Vida (a genuine breakout with 196% YoY growth in
FY2026), and the three-wheeler leaders like Mahindra Electric and Piaggio —
this policy delivers something money can’t buy - regulatory certainty.
The January 2027 ICE ban on three-wheelers and the
April 2028 ban on two-wheelers aren’t distant aspirations. They’re 9 and 24
months away from notification, respectively. That proximity changes capital
allocation decisions, product roadmaps, dealer transition timelines, and
battery supply chain commitments in ways that a subsidy alone never could.
It’s worth understanding the market this mandate lands
in. It’s not a stable oligopoly waiting for a regulatory windfall. TVS ended
Ola Electric’s three-year run at the top in CY2025, while Ola’s sales fell 51%
year-on-year. By March 2026, Ather was selling over 35,000 units a month while
Ola had fallen to just over 10,000. The Delhi mandate arrives into a market
that’s already being reordered by competition, product quality, and service
execution. Regulatory tailwind helps — but it doesn’t substitute for getting
the basics right.
For auto component manufacturers supplying
ICE-specific parts — carburetors, fuel injection systems, exhausts, clutch
assemblies — this policy is an existential signal. Delhi alone matters. If this
template cascades to Bengaluru, Mumbai, and Hyderabad — all of which are
watching — the ICE aftermarket runway shortens dramatically.
Environmental
Credibility — Finally, With Teeth
Two-wheelers have always been the hardest segment to
electrify. They’re price-sensitive. Their buyers are often first-time vehicle
owners or daily income earners who can’t absorb upfront cost premiums. Subsidy
alone has never been enough to move this segment at scale.
By layering purchase incentives (up to INR 30,000 in Year
1), scrapping incentives (INR 10,000), and a firm registration mandate, this
policy builds a triple-layer demand stack with a real chance of
inflecting the adoption curve. This is a more sophisticated approach than
anything Delhi has tried before.
The Environment Department’s mandate to periodically
quantify and publish emission reductions using a transparent methodology is
also worth noting. It creates a feedback loop for policy refinement and —
perhaps more importantly — gives Delhi credible data to present in
international climate discussions. India’s NDC commitments under the Paris
Agreement need demonstrable urban wins. A well-documented Delhi EV transition
could be one.
The Government Fleet
Mandate — A B2B Opportunity the Market Is Under-Reading
Section 8.5 is generating less excitement than it
deserves. From the date of notification, all hired and leased vehicles for
GNCTD must be electric. All new intra-state buses inducted by Delhi Transport
Corporation must be electric. All new N1 trucks purchased by government
departments, MCD, NDMC, Delhi Cantonment Board, and related bodies must also be
electric.
That’s a substantial and predictable procurement
pipeline for EV OEMs in the commercial vehicle and bus segment — Tata Motors,
Olectra Greentech, JBM Auto. For fleet management, telematics, and
charging-as-a-service providers, it’s a bankable anchor client — exactly the
kind of foundation needed to build private sector fleet conversion business
cases.
Battery Recycling — A
Small Step With Large Implications
The provisions in Section 7 on battery recycling — EPR
compliance mandates, SOPs for waste battery management, PPP-model battery
collection centres — are modest in scope but significant in signal. India’s
battery recycling sector is nascent. As EV volumes grow, the materials
economics of lithium recovery become increasingly compelling.
For investors and consultants tracking the EV value
chain, battery second-life and recycling is arguably the next major value pool
to crystallise. The 2026 policy begins to lay the formal groundwork — even if
the full industrial architecture is still years away.
Critical Gaps — Where
the Policy Falls Short
The Private Car
Problem — A Significant Omission
Let’s be direct about the most glaring gap in this
policy: there is no electrification mandate for private passenger cars.
Two-wheelers and three-wheelers have hard registration deadlines. Private cars
get purchase incentives and scrapping subsidies — but no mandate, no deadline,
no regulatory floor.
The policy also explicitly denies any road tax or
registration exemption for electric cars priced above Rs 30 lakh. I understand
the equity argument — premium EVs don’t need public subsidy. But the
environmental argument cuts the other way. An Rs 80 lakh electric SUV replacing a
diesel one delivers real, measurable air quality benefit — regardless of the
owner’s income bracket. Taxing clean mobility based on price signals sends a
strange message for a city that can barely breathe.
Without a mandate, the private car market transition
will be incentive-led: slower, patchier, and vulnerable to policy fatigue every
time the fiscal environment tightens. For a city with Delhi’s air quality
crisis, that’s a real cost.
Charging
Infrastructure — Big Mandate, No Measurable Targets
DTL has been handed an enormous brief — planning,
deployment, SOP development, a digital portal, single-window clearance, load
assessment, and DISCOMs coordination. What the policy conspicuously doesn’t
provide is a quantified deployment target with a timeline.
How many charging points by when? What’s the minimum
density per square kilometre in dense urban neighbourhoods? What’s the uptime
SLA that public chargers must meet? These operational metrics are what separate
infrastructure ambitions from infrastructure outcomes. The policy defers all of
this to Operational Guidelines and SOP documents to be issued separately — a
pattern in Indian policy drafting that has historically been where
accountability goes to die.
For an OEM or Charge Point Operator trying to make a
capital allocation decision on entering Delhi’s charging market, this ambiguity
is a real obstacle. The policy gives you intent. It doesn’t give you the
investability parameters you need.
The Financing Gap —
The Elephant in the Room
I’ve spent twenty years watching mobility transitions
across markets. I’ve never seen one succeed on subsidies and mandates alone
without a parallel financing architecture. Delhi’s 2026 policy is silent on EV
financing — and that silence is loud.
Take the mass-market two-wheeler buyer: a delivery
rider, a small business owner, a first-generation vehicle purchaser. The INR 30,000 subsidy on a vehicle that still costs Rs 1.2–1.5 lakh post-incentive is
helpful, but it doesn’t transform the financing reality. That buyer still needs
a loan — and the loan ecosystem for EVs in India remains fragmented and
under-served.
The policy does nothing to:
Mandate or incentivise banks and NBFCs to offer EV-specific lending with reduced collateral requirements- Create a loan guarantee mechanism for first-time EV buyers in the informal economy
- Address battery-as-collateral risk, which keeps lenders cautious about residual value
- Support lease-to-own models for fleet operators and delivery service providers who need asset-light entry
The broader picture makes this gap harder to ignore.
RBI’s revised Priority Sector Lending guidelines, effective April 1, 2025,
expanded renewable energy coverage — but EV charging infrastructure is still
not listed as an explicit PSL category. A NITI Aayog and RMI study found that
banks remain reluctant to lend for EVs because of unresolved residual value
uncertainty. And yet the opportunity is enormous: India’s EV financing market
is estimated at USD 3.59 billion in 2026, with operating lease formats expected
to grow at over 53% CAGR through 2031. The demand for structured EV financing
is there. The supply isn’t keeping up. State policy could help close that gap —
and has chosen not to.
The Second-Hand EV
Market — Unaddressed and Underestimated
Here’s a conversation I’m having more and more with
clients: what happens to the first wave of EVs as they age? FAME-I, FAME-II,
and earlier Delhi EV policies drove a meaningful volume of purchases. Those
vehicles are aging. A secondary market is forming — slowly, informally, and
without any supporting infrastructure.
The 2026 policy says nothing about the used EV market.
That’s a significant omission.
The core problem is battery State-of-Health (SoH)
uncertainty. A used EV buyer today has no standardised way to assess
battery degradation, remaining range, or expected life. Without a certification
framework — comparable to the pre-owned car programmes that Maruti, Hyundai,
and Toyota run for ICE vehicles — the used EV market will stay informal,
low-trust, and irrationally price-discounted.
Lenders face the same uncertainty. Batteries currently
constitute roughly 30–40% of a new EV’s cost — a share that’s declining as
global pack prices fell below $100/kWh for the second consecutive year in 2025,
with projections pointing to ~$80/kWh by 2030. Paradoxically, falling new
battery costs make used EV valuation harder in the short term, because
the replacement cost benchmark keeps moving. Without a battery health
certification standard, lenders won’t finance used EVs at scale. Without lender
participation, used EV buyers are on their own.
There’s also an unintended consequence buried in the
scrapping incentive design. By incentivising owners to scrap older vehicles
rather than sell them, the policy may inadvertently reduce second-hand supply
and push older units toward landfill faster than necessary. The scrapping
provisions are designed with ICE vehicles in mind — but the lifecycle logic
doesn’t distinguish between ICE and EV vehicles, and it should.
For 1Lattice, which works with automotive OEMs on
market potential assessment, category needs research, and auto finance
benchmarking, the used EV market is one of the most compelling emerging
opportunity spaces in the entire value chain. It needs structured research
investment today to inform the business models of tomorrow.
Implications for the
Indian Automotive Industry — Segment by Segment
Two-Wheeler OEMs —
Winners, Losers, and a Warning
The market has already begun its reordering — and the
Delhi mandate will accelerate it.
TVS Motor Company ended CY2025 as India’s e-2W market
leader with nearly 299,000 units and ~23% share, ending Ola Electric’s
three-year run at the top. Bajaj’s Chetak platform holds ~25% share. Ather
Energy is the momentum story of the year — 200,000 units in CY2025, up 59% YoY,
driven by the Rizta family scooter, and over 35,700 units in March 2026 alone,
more than doubling the year-ago figure. Hero MotoCorp’s Vida brand posted 196%
growth in FY2026, crossing 144,000 units — a demonstration that legacy OEMs
with deep distribution networks can execute credibly on EV platforms when they
commit.
The Delhi mandate rewards players who’ve already
invested in manufacturing scale, service infrastructure, and dealer transition.
TVS, Bajaj, Ather, and Hero are all better positioned than they were 18 months
ago.
Ola Electric’s trajectory is a warning the entire
industry should internalise. Despite being the segment’s pioneer and three-time
market leader, its sales fell 51% in CY2025 and continued declining into Q1
2026. Service quality gaps, product reliability concerns, and the rise of
better-capitalised legacy OEMs eroded what looked like a durable lead. A
regulatory mandate doesn’t rescue a player with a crumbling customer
experience. Delhi’s policy will bring more buyers to the showroom — but it
won’t make them stay.
For Honda, Suzuki, and Yamaha — the Japanese OEMs who
built their India franchises on ICE scooters — the math is stark. All three
combined sold fewer than 5,000 electric scooters in FY2026. Less than 24 months
now remain before the April 2028 mandate. That’s not enough time to build a
credible EV product line, a dealer EV capability, and a service infrastructure
from scratch. Their choices: accelerate dramatically, partner with a domestic
EV player, or concede the urban two-wheeler market to Indian incumbents.
Three-Wheeler Sector —
The Fastest Timeline, and a Central Incentive Gap
Less than 9 months separate the date of notification
from the January 2027 ICE ban on new three-wheeler registrations. That’s not a
gradual transition. That’s an immediate pivot.
The three-wheeler EV market is more mature than
two-wheelers. Mahindra Electric, Piaggio Ape Electric, and several smaller
players have built reasonable product and service infrastructure. The INR 50,000
Year 1 incentive for e-autos, stacked with CNG replacement benefits, makes the
business case genuinely compelling.
But here’s the critical gap no one is talking about
loudly enough: the PM E-DRIVE scheme’s L5 incentive category is already
closed. There is no central government subsidy for new L5 e-auto
registrations today. Delhi’s INR 50,000 state incentive is the only formal support
layer left for the segment that faces the tightest deadline in the entire
policy. The buyer profile for this segment — auto-rickshaw drivers, largely in
the informal economy, financing through micro-lending or SHG loans — is the
most credit-constrained in the EV market. The absence of a federal incentive
layer on top of a state incentive, in the segment with the shortest runway, is
a gap that demands urgent resolution between GNCTD and MHI.
Commercial Vehicles
(N1) — The Policy’s Underappreciated Bet
The INR 1,00,000 purchase incentive for N1 electric
trucks in Year 1 — the highest per-unit incentive in the policy — is a signal.
Commercial vehicles carry a disproportionate emissions burden relative to their
numbers. For last-mile logistics players, e-commerce companies, and FMCG
distributors operating urban fleets, this is a meaningful cost bridge.
For Tata Motors and Mahindra — the dominant players in
the small commercial vehicle segment — this is a near-term opportunity to lock
in fleet relationships that compound over the vehicle’s service life. The fleet
aggregator mandate (Section 8.4) effectively prohibits new ICE induction into
4-wheeler LCV/LGV fleets from January 2026, creating urgent replacement demand.
That pipeline is real — and the commercial vehicle EV segment needs to be
operationally ready to capture it.
Auto Component
Manufacturers — A Bifurcated Future
Auto component manufacturers face perhaps the most
complex strategic challenge of all. Unlike OEMs who can retool product lines,
component makers have often built deep specialisation in ICE-specific
sub-systems. The Delhi policy’s two-year horizon on two-wheelers and
near-immediate impact on three-wheelers means the transition planning window
isn’t approaching. It’s already here.
The opportunity is real too. EV-specific components —
battery management systems, power electronics, motor controllers, regenerative
braking systems, thermal management modules — are a growing demand pool. Sona
BLW, Minda Industries, and Bosch India are already investing in this space. The
Delhi policy accelerates the business case for a faster pivot.
Stronger Solutions —
What the Policy and Industry Need to Build Together
Build the EV Financing
Architecture
The single most important thing missing from this
policy is a structured EV financing framework. Without it, subsidies and
mandates will do less work than they should. Here’s what the ecosystem actually
needs:
A Green Vehicle Loan Guarantee Scheme — where
GNCTD or a development finance institution provides partial guarantees to NBFCs
for EV loans extended to first-time buyers in the mass market. This de-risks
lender portfolios and opens credit to a segment that currently can’t access it
on fair terms.
Formalised Battery-as-a-Service (BaaS) frameworks.
Bounce Infinity has operationalised this model at commercial scale in India:
its E1 scooter is available for as little as INR 36,000–45,000 without a battery,
with the battery accessed through a monthly swap subscription. More
significantly, Hero MotoCorp launched a BaaS model for its Vida VX2 in July
2025, allowing buyers to finance the scooter chassis and battery separately.
When India’s largest two-wheeler OEM by volume adopts BaaS, it’s no longer a
pilot. It’s a structural shift. Policy needs to catch up — on battery ownership
rules, tax treatment, and lender classification.
Dedicated EV MSME lending windows for
auto-rickshaw cooperatives, small fleet operators, and delivery service
providers. MUDRA isn’t designed for EVs. A dedicated sub-scheme with longer
tenures and lower collateral requirements would materially expand the
addressable market.
Build a Trusted Used
EV Market
Three things need to happen in parallel:
First, a government-mandated battery health
certification standard. An SoH assessment at point of resale — covering
remaining useful life, estimated range, and degradation profile — would do for
EVs what PUC certification does for ICE vehicles. ARAI and BIS have the
institutional capability. What’s needed is political will and a deadline.
Second, OEM Certified Pre-Owned (CPO) EV programmes.
Tata Motors and MG already run these for ICE vehicles. Extending them to EVs —
with a standardised battery warranty floor, say a minimum 70% SoH guarantee —
would transform buyer confidence and unlock lender participation in used EV
financing.
Third, a digital battery history passport,
linked to the battery traceability ecosystem referenced in Section 7.1.4 of the
policy. A passport that tracks charge cycles, SoH history, and service records
across a vehicle’s lifetime is the foundational trust infrastructure the used
EV market needs. Think of it as the Carfax for EVs — and build it now, before
the secondary market matures without it.
Turn Infrastructure
Intent Into Private Investment
DTL’s mandate is ambitious, but public investment
alone won’t close the charging infrastructure gap at the pace the mandate
demands. What Delhi needs alongside the DTL framework is a structured private
investment model for Charge Point Operators:
• Transparent
bidding for public land sites — bus depots, metro station lots, municipal
parking — with 10–15-year concession agreements that justify private capital
deployment
• Standardised
uptime and reliability SLAs, with actual penalty and incentive structures, so
deployed infrastructure stays trustworthy
• Interoperability
mandates requiring open protocols (OCPP) and multiple payment methods,
preventing the ecosystem fragmentation that has already hurt cities that moved
faster without standards
CPO concession models offer stable, infrastructure-like cash flow profiles — the kind institutional investors understand and can price. The risk today is policy uncertainty and demand aggregation ambiguity. The 2026 policy reduces the policy uncertainty. The investment community needs to see Delhi execute on its institutional promises to close the demand aggregation gap. That means measurable targets, not deferred SOPs.
The Bigger Picture —
Delhi as India’s EV Bellwether
Why does Delhi’s policy matter beyond Delhi’s borders?
Two reasons.
First, Delhi’s vehicle registration data and air
quality outcomes are among the most watched urban metrics in India’s
environment governance landscape. A demonstrable improvement in air quality —
documented credibly, as this policy now mandates — creates political capital
for similar frameworks in other states. Bengaluru, Mumbai, Hyderabad are
watching. What Delhi proves — or fails to prove — shapes what they do next.
Second, Delhi is a price-setting market for the
Indian EV industry. The competitive dynamics that play out here — which OEMs
gain share, which dealer networks adapt fastest, what charging infrastructure
economics look like — will shape product strategies, dealer network
investments, and financing product design that cascade to every major metro in
the country.
What I’ll be watching as closely as the policy itself
is the quality of execution. India has a long and occasionally
frustrating track record of well-designed policies struggling on
implementation: delayed operational guidelines, under-resourced nodal agencies,
DBT systems that don’t disburse, and the perennial challenge of inter-departmental
coordination. The institutional infrastructure this policy creates — an EV Cell
under the Joint Commissioner, a High-Powered Committee under the Chief
Secretary, a Delhi EV Apex Committee under the Transport Minister — is serious
and genuine. But institutions are defined by their actions, not their formation
orders. Whether these bodies move with speed and coherence will determine
whether 2026 becomes a turning point or another well-intentioned false dawn.
Closing Perspective
The Delhi EV Policy 2026–2030 is the most coherent and
regulation-backed EV framework this city has produced. The incentive
architecture is thoughtful. The mandates are consequential. The institutional
design is more resolved than anything that came before. But it is a framework,
not a finished system.
The gaps — in EV financing, used EV market
architecture, charging infrastructure specificity, and the absence of a private
car mandate — aren’t minor. They represent the distance between a policy that
accelerates the transition and one that merely accompanies it.
For everyone in this industry — OEMs, component
manufacturers, investors, financiers, fleet operators — the signal from Delhi
is unambiguous: the direction is irreversible, the timeline is compressing,
and the cost of waiting is rising. The winners of India’s EV transition
won’t be those who waited for perfect policy. They’ll be the ones who built for
the policy’s intent while filling in the gaps that policy alone can’t address.
At 1Lattice, our work across the automotive value
chain — from OEM strategy and dealer network diagnostics to auto finance
benchmarking and market potential assessment — puts us at exactly this
intersection. The questions our clients are asking today are the questions this
policy makes urgent: How do I size the EV opportunity in my segment? How do I
redesign my dealer network for an EV-dominant future? How do I build a used EV
business model that actually works financially?
Delhi has given the industry a map. Now comes the
harder work of building the roads.
The
author is Suyyog Kellusskar, Senior Director – Industrial Goods &
Services at 1Lattice, a leading market intelligence and research
advisory firm with deep expertise across the automotive value chain. 1Lattice
works with OEMs, fleet operators, component manufacturers, and mobility
solution providers to deliver actionable, data-backed insights that drive
business performance. Learn more at www.1lattice.com.
© 2026 | Views expressed are the
author’s own professional assessments and do not constitute legal or investment
advice.
References
1. Delhi EV Policy 2026–2030 (Draft), GNCTD
Transport Department
2. Record 1.28 Million e-2Ws Sold in CY2025
— Autocar Professional
3. India’s EV Two-Wheeler Boom: TVS Motor
Races Ahead — Whalesbook
4. One in Ten Two-Wheelers Sold in March
2026 Was an EV — Autocar India
5. India Electric Two-Wheelers Sales FY2026
— Autoguide India
6. New Record Lows for Battery Prices —
BloombergNEF
7. Future Outlook for India’s Passenger and
Premium EV Market 2026–2030 — eMobility Academy
8. RBI Master Directions on Priority Sector
Lending 2025 — Lexology
9. Priority Sector Lending Classification
for EV Charging Infrastructure — GKToday
10. Priority Sector Lending Can Help Unlock
EV Financing — RMI / NITI Aayog
11. India EV Financing Market Size &
Forecast — Mordor Intelligence
12. Bounce Infinity Company Profile — Tracxn
13. Battery-as-a-Service Market: Hero
MotoCorp Vida VX2 — OpenPR / DataM Intelligence
14. India Revises PM E-DRIVE Scheme for
Electric 2W and 3W — NewsBytesApp
15. PM E-DRIVE Scheme Official Portal — Ministry of Heavy Industries