Indian auto manufacturers and international oil exporters have been aflutter since India’s government announced plans to make all its cars electric by 2030. “By [that year], not a single petrol or diesel car should be sold in the country,” Power Minister Piyush Goyal said at a Confederation of Indian Industry session last month.
India’s need for oil has surged as its economy has grown. It’s now the world’s third-largest oil importer, paying $150 billion annually for the resource. A sizable chunk fuels passenger vehicles acquired by the country’s growing middle class—and the number of cars is only going to increase in coming years. Switching to electric vehicles (EVs) would save the country $60 billion in energy by 2030, according to a report published last week by NITI Aayog, India’s most influential government think tank.