By 2030, 80% of two and three-wheelers, 40% of buses, and 30 to 70% of cars in India will be electric vehicles, says the NITI Aayog. As the nation gears towards its ‘Zero-emission’ 2070 dream, funds and focus are directed towards electric mobility.
India annually imports around ₹8 lakh crore worth of crude oil. This is expected to double in the next 4-5 years. Fossil fuels are a non-renewable energy source and are getting depleted at a high rate. While at it, they are also depleting the environment. From choking air quality to extreme weather conditions, we have been bearing the brunt of our extensive dependency on fossil fuel.
To battle climate change, India too has been focusing on alternative and efficient energy sources, like its global counterparts.
In March 2022, Minister for Road Transport and Highways, Nitin Gadkari mentioned in the Parliament that between 2019-2020 and 2020-2021, the two–wheeler EVs rose by 422% ; three–wheelers by 75% and four–wheelers up by 230%. The number of electric buses also increased by over 1,200%.
While these numbers are promising, India’s road to a fully-electric ecosystem still has a few hurdles – High cost, inadequate infrastructure, lack of high performing EVs
The electric variants of the 2 and 4 wheelers are often priced much higher than regular fuel options. This is the most important reason for the slow adoption of electric mobility. Over 60% of consumers believe that an EV is beyond their budget. Both the upfront and maintenance costs burn a hole in the customers’ pockets.
The maintenance costs are high mainly due to the lack of necessary amenities. There are more than 65,000 petrol bunks in India but only 1640 EV charging stations. Most EV owners resort to charging their vehicles at their homes. This too becomes a challenge if there is a power crisis and if parking space is shared.
The EVs in India so far have only been variants of the already available fossil-fuel driven 2 and 4 wheelers. High performing luxury variants or supercars like the Teslas are yet to hit the Indian markets.
Hoping to convert more consumers into Electric Vehicle owners, the government is offering subsidies for purchasing electric vehicles. A tax exemption of Rs 1.5 lakh is also given for people buying electric cars on loan.
The GST for the purchase of EVs is set at just 5% with zero cess.
Also, under two phases of the FAME or faster adoption and manufacturing of hybrid and electric vehicles scheme, the government has been trying to improve the infrastructure for electric vehicle manufacturing in the country. There is also a plan for 22,000 EV charging stations to be set up by Oil Marketing Companies across the country.
In the 2022 budget, a battery swapping policy was announced as an easier way to charge EVs. The vehicle’s used battery is simply swapped with a replenished one without having to plug the vehicle into a charging point.
Last year, the government also announced a Production Linked Incentive scheme for automakers, a part of which aims to boost electric vehicles manufacturing.
If all these measures are implemented effectively and efficiently, industry experts say India is likely to see a significant growth in EV market in the coming decade.
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