December 05, 2022

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Future of Electric Vehicles in India

future of electric vehicles in india

 Future of Electric Vehicles in India

future of electric vehicles in india
future of electric vehicles in India

The world has 53.3 years of oil left at the current rate of production.
 Annual statistical review of world energy

India to become a driver of electric vehicles in future, said by PM Narendra Modi in MOVE summit. Many EV entrepreneurs trusted that strong electric vehicle policies will come after watching PM Modi electrifying speech, but within four years of FAME-India Scheme, four times the scheme extended. These situations arising a question in every EVs enthusiastic that, what will be the future of electric vehicles in India?

Future of Electric Vehicles in India

Promoting a policy or scheme is as much important as announcing it, the Indian government succeeded in announcing EVs policies and schemes but promoting these policies into public their success rates are very low. Up to now electric vehicle policies and schemes are benefited by the Urban population only. These policies are no way connected to the rural areas in India, which arises a question that electric vehicles are confined to Urban areas?

FAME-INDIA SCHEMES

Agenda: To save fossil fuels by promoting electric vehicles in India.

FAME(Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India)-India is part of the National Electric Mobility Mission Plan (NEMMP), launched in 2015. This scheme is implemented in two phases, FAME I and FAME II.

  • The investment on FAME I is 795 crores
  • The investment on FAME II is 5,500 crores

The Positive side of Electric Vehicles in India

State Government Tax exemptions

Indian government subsidies and incentives to encourage eco-friendly mobility is the major positive side of EVs.

Many state governments announced tax exemptions for electric vehicles, already Andhra Pradesh and Goa state government announced that, no road tax for electric vehicles. Delhi state government announced zero VAT and 50% reduction in road tax for buying electric vehicles.

Uttar Pradesh– 15% cash back on an electric vehicle purchase.
Gujarat– 10000 incentive on an electric vehicle purchase.
Kerala– 30000 incentive on three-wheeler electric vehicle purchase.

According to FAME-India Scheme, Dated (10-10-2018)

  • Electric vehicles sold –  253650
  • CO2 reduced in KG –85383304
  • Fuel saved in liters-34159002
  • Fuel saving per day in liters-51959
  • CO2 reduction per day (in kg)-128839
  • Total no of incentives claimed-253492
  • Total incentive Amount-283 Crores

The Negative side of Electric Vehicles in India

Challenges of Electric Vehicles in India

1)Charging stations

According to Bloomberg, the charging stations available in India are less than 500. Many investors taking backstep because of fewer infrastructure facilities. However, with the collaboration of Government & Private sector setting up of charging stations is not a big issue.

2)Public Awareness

The government may release multiple schemes and policies on EVs, but without public interest in buying electric vehicles, the efforts are unworthy. Electric vehicles schemes & incentives news should be telecasted in regional news channels is one way to solve the issue.

Final word on Future of electric vehicles in India: Firstly, the initiation taken by both the central and state governments should be appreciated, apart from it, people of India should understand the pollution factors in India which lead to severe problems in futures. People should prefer electric vehicles for a clean and safer India.

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1 Comment

  1. Sarbjit

    Sir,
    Every things is ok but Government should reduce tax with minimum. But big guns not Allowed to Government to do so. Main problem is this.

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