The fourth-largest automobile market in the world is now struggling as it is witnessing a significant level of down in sales and also many jobs have been lost. As the government clarified that it will not ban petrol, diesel vehicles in India as it is affecting the auto industry, Indian Economy.
Petrol, diesel vehicles will not ban in India
The government had planned to shift to the automobile sector to electric vehicles. But looking at the current situation the government has come up to help to provide a 15% reduction in taxes on all vehicles and registration of BSVI vehicles. Now the question arises with this is, will electric vehicles will grow as it is growing now?
Petrol, diesel vehicles will not ban
According to auto experts, the rise in prices of vehicles is due to the BSVI compliant engine. The BSVI emissions norms will effect from 1 April 2020 that means the vehicles must skip on BSV and Bharat stage VI regulations.
Electric vehicles are witnessing tremendous growth! We are witnessing every day a new Startup jumping into the market as the government had shown much interest and supported it through many possible initiatives but simultaneously it is also supporting the non-electric vehicles.
According to BT, Chief Executive Officer for Nayara Energy, B. Anand said that he expects the overall fuel demand will rise by an average of 4.7% a year to 5.5 million barrels per day (BPD) through the fiscal year 2025, and then 4% per year to 6.6 million BPD through 2030.
Electric Scooters & Motorcycles gets $698.3 million revenue
Whereas, According to PRNewswire, the Indian electric scooters and motorcycles market alone is predicted to generate a revenue of $698.3 million by 2025, progressing at a 36.3% CAGR during the forecast period.
There are many initiatives taken by the manufactures, Startups and by the government to adopt and make electric vehicles as the prime focus to reduce the emission levels from the country. When people started trusting on electric vehicles and they got to know how ICE vehicles are harming the environment, this situation came in front. Hope electric vehicles still continue to grow in India.
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