Indian Shift to Green Mobility

Why are Electric vehicles being promoted in India?

The Indian government is making great efforts to encourage the use of electric vehicles nationwide. The difference between an EV and a conventional automobile is the fuel. ICE Vehicle or Internal Combustion Engine Vehicles need fuel or oil-derived resources to power the engines, whereas EV or Electric Vehicles work on batteries. Going electric is a feasible alternative because the main problems associated with ICE vehicles are the increasing cases of global warming and climate change. This feature can explain the Indian government's promotion of electric vehicles.

One of the main causes is excessive carbon emissions. The respiratory system is impacted by poor air quality, in addition to numerous other negative effects. The Indian government is currently taking several steps to preserve and make the planet Earth livable.

The second reason to promote EVs is the rising prices of Petrol and Diesel. The general public is searching for methods to save costs in this market of excessive prices. An excellent substitute to lower gasoline costs is electric cars.

Traditionally, India has imported about 80% of its crude oil from overseas nations. As a result, the nation's foreign exchange reserves decline and its reliance on fossil fuels grows. The Indian economy will benefit from lower gasoline use if more individuals switch to electric vehicles instead of conventional ones.

What are the measures taken to support the Green Mobility by the Indian Government?

The various initiatives taken by the Indian Government to promote electric vehicles are given below-

1. GST on electric vehicles has been reduced from 12% to 5%.
2. GST on the charges or charging stations has been reduced from 18% to 5%.
3. The Ministry of Power has released a notification for charging infrastructure standards to permit private charging at residences and offices. The guidelines involve private players installing EV charging stations. In this direction, the Oil Marketing Companies have announced the setting up of 22,000 EV charging stations in prominent cities and on national highways across the country.
4. Waiver on road tax on EVs, which in turn will help reduce the initial cost of EVs.
5. The Union Budget 2023-24 extended the customs duty exemption to the import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles.
6. Both commercial as well as private battery-operated vehicles are given green license plates and are exempt from permit requirements.

Will the shift to EV and Hybrid help in the Green Revolution?

The market for electric vehicles in India is expanding and is expected to develop significantly over the next several years. The transition to more environmentally friendly mobility will pick up speed because of government policy changes, technology improvements, more affordable mobility options, and growing environmental and cost-consciousness.

India may reach its goal of having net zero carbon emissions by 2070 by significantly reducing its carbon emissions through the decarbonization of transportation.

Even though the business of electric vehicles is still in its infancy in India, it is expanding quickly. According to information submitted to the Parliament by the Indian Ministry of Road Transport and Highways in 2013, there were only 53,387 registered electric cars in the nation, which increased to 28,30,565 by August 2023. According to the most recent Economic Survey, India's automotive sector will be essential to the country's move to renewable energy. By 2030, sales of EVs might surpass one crore units annually, creating five crore direct and indirect jobs. The country's EV market is predicted to develop at a compound annual growth rate (CAGR) of 49% between 2022 and 2030.