By Kalpesh Kikani
Picture this: Delhi’s air quality index (AQI) regularly spikes above 400, making it one of the world’s most polluted cities – worse than smoking a pack of cigarettes a day for residents. Nationally, over 90% of Indians live in areas exceeding WHO air quality guidelines, with pollution-linked deaths hitting a staggering 1.67 million annually.
The air in our major metros is getting tougher to breathe, especially when winter inversions or heavy traffic combine.
Transportation is a major part of the problem, accounting for roughly 14% of energy-related CO2 emissions and a major share of the urban particulate matter that settle over our cities. The consequences are real.
Electric mobility offers one of the clearest, most practical paths forward. It cuts emissions where they happen, delivers cleaner air in our metros, and supports India’s climate goals: 45% reduction in GDP emission intensity by 2030 and net zero by 2070.
Three Key Questions
We need more public recognition of this reality and social change which leads to other transportation providers – schools, colleges, corporate buses all moving in this consolidated direction.
At Piramal Alternatives, we look for places where policy direction, economic reality, and domestic capability converge. Electric mobility is one of those places. Let’s look at some examples.
PMI Electro illustrates what disciplined execution looks like. Based in Delhi-NCR with a major production facility in Haryana, PMI Electro is one of India’s leading electric bus manufacturers and fleet operators, deploying thousands of e-buses across more than 30 cities for public transport authorities.
Scaling Domestic Production
Thousands of electric buses are now running across cities, supported by significant localisation of batteries, motors, and components. Their production lines handle high volumes, with expansions matched to demand. Large national tenders continue to build their order books, demonstrating the value of early investment in Indian engineering.
As the Union Budget approaches, the sector’s expectations are clear and pragmatic. The frameworks already in place are delivering results. What manufacturers, operators, and investors need most now is continuity.
Multi-year manufacturing investments depend on stable incentives and predictable procurement processes, allowing companies to plan capacity, supplier development, and technology upgrades with confidence.
For India to capture the full EV opportunity, financing must scale as fast as demand. That requires predictable incentives, disciplined payment frameworks, and confidence that public procurement will honour contracted cash flows. When investors see reliability, availability of capital increases and domestic supply chains expand with far greater certainty.
The Budget can reinforce this foundation – not through new schemes, but by strengthening the financial plumbing that converts ambition into bankable outcomes. Consistent execution on financing is what will ultimately determine the pace and depth of India’s EV transition.
(The writer is managing director, Piramal Alternatives)
Disclaimer: The views expressed are the author’s own and do not reflect the official policy or position of Financial Express.