India has set a groundbreaking vision to achieve energy independence by 2047 as a cornerstone of the Atmanirbhar Bharat (self-reliant India) campaign. Mobility — accounting for 18 percent of India’s energy demand in 2022 — is a key element of this energy independence vision. In India at 2047: A Vision for Energy Independence for the Mobility Sector, RMI presents a comprehensive strategy to achieve a future with a clean, shared mobility sector powered by domestically produced sources, which would result in reducing the sector’s energy demand by 57 percent and carbon emissions by 87 percent by 2047.

The path to this domestically produced energy system powering the mobility sector will require significant market shifts: an exponential growth in EV adoption and an increase in EV and battery manufacturing, clean electricity on the grid, charging and battery swapping infrastructure, and concessional EV financing opportunities to make EVs more accessible and affordable. These are achievable through comprehensive policy interventions coupled with the collaborative efforts of policymakers and industry stakeholders.

Six charts from the India at 2047 report help demonstrate how India can achieve the transition to a shared, electric, and energy independent mobility system by 2047.

1. Aim for 100 percent clean fuel vehicle penetration by 2043.

To replace the vehicles on India’s roads in 2047 with clean mobility options, it will be essential to achieve 100 percent clean fuel vehicle sales across all vehicle segments: two- and three-wheelers by 2030, four-wheelers and light goods vehicles by 2036, buses by 2040, and medium- and heavy-duty goods vehicles by 2043. RMI expects the majority of these clean fuel vehicles to be EVs.

Exhibit 1: Required Clean Fuel Vehicle Penetration Levels in India by Vehicle Segment to Achieve an Energy Independence Scenario, 2024–2047

2. Deploy a robust network of 1.9 million public charging points by 2040.

To create a comprehensive and resilient public charging infrastructure network of 1.9 million charging points, it is necessary to establish clear standards for interoperability and charging infrastructure, set national charging and battery swapping infrastructure deployment targets, develop dedicated charging corridors, and advance charging technology. This transformative initiative will require a substantial cumulative public and private capital investment, estimated at ₹98,000 crore (US$11.8 billion) by 2047, to build charging and battery swapping infrastructure that supports widespread EV adoption and drives India toward a sustainable energy future.

3. Establish an extensive network of 275,000 battery swapping facilities by 2041.

India is pursuing a dual approach of both charging and battery swapping infrastructure to support the multiple vehicle segments and use cases presented in the country. To support this vision, an extensive network of 275,000 battery swapping facilities will be necessary by 2041. This will require a substantial cumulative capital investment of approximately ₹40,000 crore (US$4.8 billion) by 2047, dedicated to advancing battery swapping infrastructure.

4. Supply 1,600 terawatt-hours of annual clean electricity by 2047 to charge EVs, 18 times more than today’s electricity requirement for EV charging.

By enhancing grid infrastructure and creating an advanced energy network, India will be able to effectively and flexibly handle the increased electricity demand from EVs. Setting targets such as requiring all charging and battery swapping to be powered by clean electricity by 2045 will spur the market to provide energy that matches the green credentials of the vehicles themselves.

5. Fulfill the annual battery demand of 1,000 GWh by 2047.

India must address the escalating demand for lithium-ion batteries, which is projected to surge from 12 GWh in 2024 to 1,067 GWh by 2047, reflecting an 89-fold increase driven by expanding EV adoption and battery replacements. This transition will necessitate a cumulative capital investment of approximately ₹117 lakh crores (US$1.4 trillion) in battery manufacturing between 2024 and 2047. Continued incentives for battery manufacturing, enhancing extended producer responsibility rules for battery collection, and implementing a battery passport system to enhance traceability will be crucial for effectively managing the supply chain of batteries and critical metals.

6. Secure capital investment worth ₹502 lakh crores (US$6.05 trillion) by 2047.

RMI estimates the cumulative capital cost of India’s EV transition for vehicles, battery replacement, EV supply equipment, and battery swapping facilities through 2047 will be ₹502 lakh crores (US$6.05 trillion), with the size of the annual loan market reaching ₹17.13 lakh crore (US$206 billion). Developing tailored financial instruments and risk reduction measures that account for the local context will be key to mobilizing capital and ensuring EV borrowers have access to more affordable finance.

Fast track change

Transitioning the mobility sector to one powered by clean, sustainable, and domestically sourced energy will require significant market shifts and investment but can serve as a transformative model for achieving ambitious growth and innovation. The 2047 vision requires immediate, decisive action and collaboration among policymakers, industry stakeholders, and the public. By embracing bold strategies and fostering public-private partnerships, India can secure a greener, more resilient future and set a global benchmark for sustainable development.