Indian Government's Bold Ambitions for Electric vehicles
Keeping in mind the increasing environmental problems, the Government of India is planning to adopt electric vehicles.
The Modi government is emphasizing on the adoption of Electric Vehicles (EV) in India. The EV ambition of the Government of India is bold and visionary. This change will have a significant impact as it will substantially reduce our huge oil import bill.
In addition, the focus on setting up charging facilities powered by solar energy will encourage the use of renewable energy and will help reduce carbon emissions.
There are 100+ EV manufacturers in India and many Indian startups are coming into the EV space. These start-ups are competing face to face with the big players of the country.
The number of electric vehicles is increasing day by day. To promote EV charging stations, local companies are focusing on building EV charging stations across the country.
The government has launched several schemes like Rapid Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME), Delhi to Mumbai Electric Highway.
Support From States:
The Delhi government has recently approved 1,000 electric buses to be used in Delhi's public transport system.
The Maharashtra government is focusing on making electric vehicles free from road tax and providing 15% subsidy to the first one lakh electric vehicles registered in the state.
The Uttarakhand government has launched a new scheme that will provide loans between Rs 10 crore and Rs 50 crore to companies for making EVs and charging infrastructure and also motor tax for five years for the first one lakh customers of EVs.
Challenges Faced by Indian EV Market:
The charging infrastructure of electric vehicles in India is not yet fully developed.
The cost of EVs is very high mainly due to the cost of Li-ion cells.
Electric Grid Infrastructure:
Ability to meet high demand power demand.
With all this, the move is still an ambitious step. And it remains to be seen what steps the government takes to boost the overall EV charging infrastructure across the country in the coming years.
India is by far the largest market for two wheelers and three wheelers. India has the opportunity to grow rapidly and become a global leader in two wheeler and three wheeler EVs. The EV ambitions of the Government of India are clear and it aims to have at least 30% EVs in India's automotive market by 2030.