India, Feb. 28 -- As India zoomed past Japan to be the third largest automobile market in the world in early 2024, the electric vehicle (EV) ecosystem swerved into the fast lane, with policies driving down running costs and innovations going full throttle, backed by some of the most prolific investors in India.

A higher rate of switch from fossil fuel-run to battery-powered vehicles has helped India stay the course to its EV30@30 mission. In sync with the government's 2017 projection that 30% of private car sales, 70% of commercial vehicle sales, 40% of bus sales, and 80% of two-wheeler and three-wheeler sales to be electric by 2030, the $54.4 Bn EV market in the country is likely to accelerate 2.4 times to reach $132.2 Bn by then, accor...