The Modi government has been stressing on the adoption of Electric Vehicles (EVs) in India. The Indian Government’s EV ambitions are bold and far sighted. This shift will have a substantial impact as it will quite drastically reduce our huge oil import bill. Also, the focus on setting up solar-powered charging facilities will lead to a boost in renewable energy usage and will help reduce carbon emissions.
Manufacturing Growth: There are 100+ EV manufacturers in India and many Indian startups are coming in the field of EV. These startups are giving an head to head competition to the current big players in the country. With EVs increasing day by day, local companies are focusing on building EV charging stations across the country to boost the industry.
Support from States: Delhi Government recently approved 1,000 Electric buses to be used in Delhi’s public transport system. Maharashtra Government is focusing by proposing to exempt EV’s from road tax and providing a 15% subsidy to the first one lakh EV’s registered in the state. Uttrakhand Government introduced a new scheme which would provide companies with loans ranging between Rs 10 crore and Rs 50 crore to build EV’s and charging infrastructure and also doesn’t charge motor tax for first one lakh customers of EV’s for five years
Challenges Faced by Indian EV market:
a. Charging Infrastructure: The charging infrastructure of EVs in India is not fully developed yet.
b. Cost: Cost of EVs is very high mainly due to the cost of Li-ion cells
c. Electric Grid Infrastructure: Capacity to hold the high demanding Electricty demand.
With everything said, the move is still an ambitious one and it remains to be seen what further measures the government takes in coming years to boost the overall EV charging infrastructure across the country.
By every means, India is the biggest market for two-wheeler and three-wheeler vehicles. That said, India has the opportunity to quickly evolve and become a global leader in two-wheeler and three-wheeler EVs. Indian Government’s EV ambitions are clear and aims to have at least 30% share of EVs in the India automotive market by 2030.