Electric Vehicles

ELECTRIC VEHICLES-DRIVE THE FUTURE


THE TIME IS RIGHT FOR ELECTRIC VEHICLES, IN FACT THE TIME IS CRITICAL.


The move to electric mobility has always been the priority of the Modi government, including in its first tenure, keeping in mind India’s commitment to reduce its carbon footprint by a third from 2005 levels. India aims to achieve this target by 2030.

"Our objective is to clean up cities, reduce imports, and utilize the sun and its energy for driving electric vehicles.-Amitabh Kant, CEO NITI Ayog.
From the perspective of energy security and competitive advantage, new mobility solutions will reduce oil import costs, lower India's trade deficit and limit India’s vulnerability to oil supply disruptions. India’s low per capita car ownership affords the chance to pursue a different model from the western world. Our emphasis must be shared.
To create a unique eco-system to enable 'Make in India', and drive the movement for manufacturing in India, the country will require a phased program across the entire value chain, an efficient fiscal impact structure, and size and scale aligned to the country's ambition to produce world- class vehicles for domestic and international markets.

  • With batteries accounting for almost 40 per cent of total cost of EVs today, domestic battery manufacturing is a massive market opportunity for India to rapidly enable the transition to EVs.
  • In the coming years the potential for EV charging stations is huge.

Electric vehicles are not going to take the market by storm, but its going to be a gradual movement - Carlos Ghosn


GOVERNMENT’S BIT

  • The Government of India (GoI) envisages to make India an auto manufacturing hub. Initiatives like ‘Make in India’, ‘Automotive Mission Plan 2026’, and National Electric Mobility Mission Plan (NEMMP) 2020 are expected to give a boost to the automobile sector.
  • GoI launched The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME India) in 2015 as part of the National Electric Mobility Mission Plan (NEMMP) 2020.
  • Finance Minister NirmalaSitharaman announced an additional income tax exemption of ₹1.5 lakh for purchasers of electric vehicles in Budget 2019-2020
  • The Centre is pushing for a full transition of three-wheelers, and scooters and motorcycles with engine capacities of less than 150cc to electric by 2023 and 2025, respectively.

Keeping the economics of manufacturing, technical and commercial challenges in tandem with each other, encouragement of electric vehicles is a pioneering initiative.