Mahindra & Mahindra (M&M) Managing Director Pawan Goenka Friday said India is unlikely to require incentives to support adoption of electric vehicles if lithium prices decline to less than $100 per KwH by 2022. With decline in battery costs, Goenka said, use of electric vehicles for commercial applications is likely to become economically viable in the next five years. Goenka admitted there are real concerns among consumers today about purchasing an electric vehicle pertaining to range, cost of acquisition and resale value of electric vehicles. The government and the industry should frame policies and work towards promoting localisation of components for electric vehicles, which would help reduce total cost of ownership. The government can further support widespread utilisation of electric vehicles by creating requisite charging infrastructure for electric vehicles and doling out non-fiscal incentives to consumers. Goenka informed the move towards adoption of electric vehicles has also raised questions about investments being made to upgrade to BS VI emission standards and employment in the automotive industry. As per estimates shared by Niti Aayog, Goenka held, even if 40% of the new personal vehicle fleet in the country were to shift to an all electric mode, there would still be opportunities for growth of internal combustion engines.