Economic Survey urges India to build a self-reliant EV supply chain

Despite EV sales rising—100,000 electric cars and over a million two-wheelers sold last year—India imports nearly 100% of its Li-ion batteries. EVs require six times more minerals than conventional cars, with China dominating global processing of nickel, cobalt, and lithium. With lithium-ion battery demand projected to grow at 23% CAGR by 2030, India must prioritize domestic manufacturing to secure its EV future.