The Rise of EVs: Current Status in India
The Rise of EVs: Current Status in India
India is making rapid progress toward its aim of becoming carbon neutral by 2070. Naturally, if the country wants to lower the emissions intensity of its GDP by 45% by 2030, which is a medium-term aim, it must bring the transportation industry, one of the main polluters, under green protection. The electric car has emerged as a viable option for future green transportation. India is embracing this new wave of change for its renewable future of mobility, much like the rest of the world. So, how is India's EV market doing right now?
Have we nearly achieved our goal?
India is moving toward e-mobility more quickly thanks to a number of causes, including growing pollution levels, higher oil import prices, and worldwide commitments to combating climate change. India's commitment to EVs can be appreciated by the fact that the South Asian nation promised to have at least 30% of private cars be EVs by 2030 at the CoP26 Summit last year. The stated deadline needs to be considered in light of the current situation of the Indian EV market and the steps the nation is taking to achieve its objective.
Governmental Programs to Aid EV Consumption
In order for any technology to gain traction in the market, government regulations are essential. A number of programs are being carried out by the Indian government to promote the expansion of electric mobility. These include incubation programs, shared facilities for development and small-scale production, 100% FDI through the automotive route in the EV field, financial support through the Credit Guarantee Scheme for Start-ups (CGSS), tax advantages, and consumer subsidies.?
The Production Linked Incentive (PLI) scheme for the automobile industry (with a budget of 25,938 crores) was instrumental in propelling growth to the current level of the EV sector in India. The PLI concept provides financial incentives of up to 18% to promote the domestic manufacture of high-tech automotive goods, creating a favorable climate for EV businesses to flourish. Additionally, it reduces dependency on imports by encouraging home production of EV batteries.
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The incentive offered under FAME India Scheme Phase-II is also responsible for the rise in EV sales. It offers an up-front discount on the cost of buying electric cars. A total of Rs 1,000 Crores has been allotted for the building of charging infrastructure under FAME-India Scheme Phase-II. As of July 15, 2022, a total of 532 charging stations have been installed under the FAME India Scheme I & II (479 under FAME-I and 53 under FAME-II).
Okay, now what?
India has demonstrated significant excitement for the EV market, albeit somewhat later. The anxiety around the prospects for EV expansion in the country is dissipating because of the growing battery safety and range of EVs. Don't forget to share this blog on WhatsApp, Instagram, and Facebook!! Stay tuned for our next blog until then you know where to find us:
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