Electric vehicle (EV) adoption in India is on the rise but remains limited, with only about 2% of total vehicle sales being electric. The government's Fame 2 scheme aimed to incentivize the sale of 1.5 million electric vehicles across various categories, while a temporary Electric Mobility Promotion Scheme (EMPS) is set to expire soon. In 2023, electric car registrations surged 70% year-on-year, contrasting sharply with the overall car sales growth of under 10%, indicating robust market potential. Additionally, the share of petrol vehicles in total sales has decreased from 86% in 2020 to 76% in 2023, while alternative fuel vehicles, including EVs, experienced a remarkable 400% growth during the same period. This trend highlights a significant shift in fuel preferences and underscores that total cost of ownership remains a crucial factor in promoting EV adoption.