Every next electric vehicle in India will reduce not just petrol usage, but also help cut down the country’s crude oil import bill! According to a recent report by State Bank of India (SBI), the country could save nearly Rs 1 lakh crore if electric vehicles account even for one fifth of the vehicle market by the end of this decade. It further projects that around 35 lakh additional EVs will replace petrol vehicles between 2027 and 2030.“Our estimate indicates that during the four-year period of 2027-2030, 35 lakh more EVs are expected to replace the petrol vehicles…. EV vehicles have now reached more than an 8 per cent share in 2026. A 20 per cent share by 2030 could save Rs 1 lakh crore of the import bill,” the report stated.SBI said that the pace of EV adoption has increased considerably since the onset of the Midde East conflict in February 2026. The report observed that the conflict coincided with a sharp jump in EV registrations and a higher market share for electric passenger cars, two-wheelers and three-wheelers, indicating stronger consumer interest in electric mobility.The numbers reflect this trend. Average monthly EV registrations climbed to 2.3 lakh during March-June 2026, up from an average of 1.3 lakh in 2025, an increase of around one lakh vehicles every month. Based on this trajectory, the report expects overall EV registrations to cross 25 lakh in 2026.While demand is rising, SBI said charging infrastructure needs to keep pace with adoption. Fast chargers currently account for only about 30% of the country’s charging network, prompting the report to stress the need for a wider rollout of fast-charging facilities.It also called for a long-term EV roadmap spanning 10-15 years, with clearly defined goals for vehicle segments, charging infrastructure, regulatory policies and battery manufacturing.To strengthen the EV ecosystem, the report recommended setting up an EV Credit Guarantee Fund, providing concessional land for public charging stations, expanding government procurement of electric vehicles and introducing a dedicated green mobility category.The report further highlighted disparities in charging infrastructure across states. In some states, a single charging station caters to more than 200 EVs, while in others the figure is close to 50 vehicles per station.India currently has 29,151 charging stations, with Karnataka and Maharashtra together accounting for 35% of the country’s charging infrastructure, according to the report.It added that Tamil Nadu, Telangana, Andhra Pradesh and Goa have a relatively stronger fast-charging network, with fast chargers making up more than half of their total charging stations.Separately, the report noted that the Delhi government plans to install 32,000 charging points over the next four years under its new EV policy.According to SBI, the long-term success of electric vehicles in India will depend largely on ensuring adequate charging infrastructure is available across the country.
