Once again, India is the world’s tenth-largest economy, and it is growing. India also boasts one of the world’s highest rates of automobile ownership. According to ICE research, up to 34% of automobiles in the United States are electric.
India is on the verge of becoming an EV market, with a $1 billion opportunity for manufacturers. The country has experienced an exponential increase in the number of individuals purchasing EVs, and if this trend continues, the government’s goal of having solely electric vehicles by 2030 would not be realised. With new startups and firms such as OLA creating their electric cars, India is on its way to becoming a real-world leader in EVs.
BENEFITS OF EV
EVs emit no exhaust emissions and emit far fewer greenhouse gases than conventional automobiles. An EV can save you up to Rs. 1,50,000 in annual fuel expenditures and up to a tonne of CO2 emissions! Electric vehicles (EVs) are automobiles that run on electricity. An EV emits no tailpipe emissions and significantly reduces greenhouse gas emissions. The environmental benefits of EVs are evident, but how much money you may save by switching to an EV is less well understood.
India has one of the world’s fastest-expanding economies. Electric vehicle (EV) sales in India have increased at an exponential rate in recent years. The most recent advances in the Indian EV industry are a result of this rapid growth and will have a significant influence on the future of EVs in India.
INDIAN GOVERNMENT AND EV CARS
The Indian government has been developing measures to encourage the use of electric cars, such as buyer subsidies and incentives for manufacturers to build more EVs. The government also intends to provide charging stations with every 10 kilometres across India by 2020. Other nations, such as China, are following suit and implementing similar rules.
In addition, many startups have emerged to provide innovative solutions for EV charging stations, battery swapping stations, and even electric buses or trucks. They are making efforts to disrupt.
Going a step further towards its aim of electric mobility, the Ministry of Power has already started the National E-Mobility initiative in India and put out an electric car fleet that includes the Mahindra e-Verito sedan and the Tata Tigor EV.
The National E-mobility Programme of India intends to boost the whole e-mobility ecosystem, which includes electric vehicle manufacturers, charging infrastructure development businesses, fleet operators, service providers, and so on. The government has stated that it is looking at charging infrastructure and policy framework to have 30% of automobiles in India be electric vehicles.
Nitin Gadkari, Union Minister for Road Transport and Highways, and R. K. Singh, Union Minister of State (IC) for Power and New & Renewable Energy, inaugurated the “Go Electric” Campaign in India to raise awareness about the benefits of e-mobility, EV Charging Infrastructure and electric cookery.
The Go Electric Campaign is an effort aimed at lowering our country’s reliance on imports in the coming years, as well as a crucial step toward a cleaner and greener future. The campaign aims to raise awareness throughout India and is intended to increase the confidence of electric vehicle makers.
The transport minister highlighted many important advantages of adopting electricity as an alternative fuel. According to the minister, the import bill for fossil fuels is Rs. 8 lakh crore.
To smooth the path to an electric future, the government has launched Special policy measures such as lowering GST on EVs to 5% versus 28% for combustion engines, exemption on loans to buy electric vehicles, and customs duty exemption on certain EV parts such as electric drive assembly, onboard charger, e-compressor, and a charging gun. So far, over a dozen states have either adopted or proposed electric car rules, with Delhi being the most recent.