New Delhi, Feb. 5 -- India's electric vehicle (EV) adoption remains in its early stages, lagging behind regional and global counterparts, according to a report by Moody's.

The report highlighted that the penetration of EVs in the country's passenger vehicle segment stands at just 2.5 per cent, significantly lower than the government's ambitious target of 30 per cent by 2030.

It said "India's electric vehicle (EV) adoption remains nascent compared to its regional and global counterparts, with EV penetration at a modest 2.5 per cent for passenger vehicles".

The report highlighted that the policy measures and incentives introduced in the Union Budget, such as exemptions on import duties for critical raw materials used in EV battery manufa...