India can save about Rs 1.2 lakh crore of forex outgo towards oil imports every year by adopting a policy regime to promote electric two-wheelers, a report by Niti Aayog has said. India has a lot to gain by converting its internal combustion engine (ICE) vehicles to EVs at the earliest, the report titled 'Zero Emission Vehicles (ZEVs): Towards A Policy Framework' suggested. India has over 170 million two-wheelers, the report said, adding that if each of these vehicles consumes about half a litre of petrol per day, the total amount of petrol used by such vehicles works out to be about 34 billion litres.