India, Sept. 4 -- India could reduce its annual combined oil and battery import bill by up to $125 billion in 2050 by accelerating electric vehicle (EV) adoption across two wheelers, three wheelers, passenger cars, light commercial vehicles, buses and trucks, according to a new working paper.

The study by the International Council on Clean Transportation (ICCT) found that $94 billion, or about three quarters of the potential savings, would come from accelerating the pace of electrification, even if India continued to import all the battery cells it needs. A further $31 billion could be saved by moving from complete reliance on imported batteries to high domestic battery manufacturing. The difference arises because the value of oil import...