The switch to clean transport in the South Asian nation is slower than the US and China in part due to the sluggish adoption of battery-powered vehicles. The high cost of these vehicles and insufficient charging stations are a major barrier with NEF saying that by 2040, 53% of new automobile sales in India will be electric, well behind China with 77%.
Banks in India have been reluctant to give loans for EV purchases at a time when the cost of insuring these vehicles is high and the resale market is remains small, said Kant, who was recently appointed India’s main negotiator when it becomes the chair for the Group of 20 countries in December.
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