The EV market in India is growing rapidly since 2020, and in 2024, the share of EVs in the total auto sales is nearing 8 per cent, with sales surpassing two million per year. This growth has been accompanied by a robust ecosystem of central and state support measures such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, the PM E-DRIVE program, Production Linked Incentive (PLI) scheme for Advanced Chemistry Cells, concessional Goods and Services Tax (GST) rates, and various state-level purchase and registration incentives. Is the expansion of this a sustainably self-supporting system or an economically dependent one that relies on policies? The study uses data from secondary sources from the Vahan Dashboard, Society of Indian Automobile Manufacturers, EVReporter, the Ministry of Heavy Industries, the International Energy Agency, BloombergNEF, and manufacturer disclosures, ranging from 2020–2026, and carries out the trend analysis, comparative analysis, cost-benefit analysis supported by SWOT and PESTLE frameworks. The results indicate a split market: while the 2 and 3-wheelers are on the verge of becoming price competitive with comparable internal combustion engine (ICE) machines and are exhibiting early signs of demand resilience, the electric four-wheelers and bus categories are very subsidy- and incentive-sensitive and are owned by only three manufacturers, with penetration still under 10 percent, far below the levels achieved in mature markets like Norway and China. The paper contends that India's EV ecosystem is not yet self-sustaining in the overall sense, but is only partially self-reliant in certain segments, and that localization of batteries, availability of finance and density of charging stations are the limiting factors for the transition. Policy recommendations emphasize the need to focus on investment in the supply side and infrastructure as the sector grows, rather than on blanket demand subsidies.