Electric vehicles & batteries.

Electric vehicles are not a separate industry in the national accounts but an overlay already counted inside passenger vehicles, two-wheelers, commercial vehicles and components (Chapters 29-32): EV-related activity added an estimated ₹0.2 lakh crore of value in FY26, about 5% of the ₹4.1 lakh crore automotive envelope, on 2.4 million vehicles sold. Adoption began with the cheapest vehicles (three-wheelers, then scooters) and is moving toward cars last, the inverse of China's path, because the lithium-ion cell — about a third of an EV's cost and roughly 90% imported — is still the binding constraint. Subsidies are receding (FAME-II ended March 2024, PM E-DRIVE ends March 2026) and the sector is consolidating around incumbents (Tata, Bajaj, TVS, Mahindra) that can cross-subsidise EV lines, while pure-play challengers (Ola Electric, Ather) remain loss-making. Whether India localises cell manufacturing (40% by FY30, 70% by FY35 in the base case) determines whether electrification adds to domestic value added or leaks it abroad via battery imports.

EV-related GVA (overlap, inside Chs 29-32)

0.2 ₹ lakh crore · FY26

EV sales

~2.4 mn units · FY26

Penetration by segment

2W 7% · 3W 60% · PV 4% · buses ~7% · trucks <1% % of segment sales · FY26

Cell import dependence

~90 % · FY26

Cell/pack imports

US$3-4 US$ bn · FY26

EV revenue pool (ex-factory)

~0.9 ₹ lakh crore · FY26

Listed EV-focused market cap (Ola Electric, Ather)

~0.4 (combined ~0.3 per Section H) ₹ lakh crore · FY26

Public chargers

~30,000 chargers (~80 EVs per public charger) · Mar-2026