The government has approved a program of 10 billion rupees under "Rapid adoption and manufacture of Electric Bikes in India for the promotion of electric vehicles in India II". This scheme's primary purpose is to facilitate the faster adoption of electric and hybrid vehicles by providing advanced incentives for the purchase of electric vehicles and establishing the charging infrastructure required for electric cars. This plan will help address environmental pollution and fuel safety issues.
Reduced GST for Electric Auto Rickshaws from 12% to 5%. The Minister of Finance has announced an additional income tax deduction of 1.5 rupees on borrowings. The government is turning India into a global hub for electric vehicle manufacturing.
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A movement large enough to have a spillover effect on green movements around the world. In India, the government is also interested in replacing fossil fuel-powered vehicles with electric vehicles. 2017 began with the ambitious goal of a 100% electric vehicle by 2030.
However, the auto industry's resistance and fear of unemployment have forced the government to lower its goals. Therefore, it isn't easy to achieve transformation in the mobility sector without the prior government support for investment in Electric Cars infrastructure and without giving money to the automotive industry and consumers.
Need for Electric Cars in India
Pollution Prevention: According to the International Council for Clean Transport (ICCT), an estimated 74,000 premature deaths were due to air pollution from India's transport tailpipe emissions in 2015.
Besides, many of the world's major polluted cities come from India. For example, New Delhi.
Climate Change Mitigation: In December 2019, the 2020 Climate Risk Index released by German watch, a group of environmental experts, ranked India in terms of global vulnerability scale from 14th in 2017 to 5 in 2018. It got worse.
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This gives India more reason to prioritize automobiles and Electric Scooters in the fight against fossil fuel dependence.
Sustainable energy options: The move to electric vehicles will help India reduce its dependence on oil while solving energy shortages and moving to renewable and clean energy sources.
FAME Scheme: The Government of India is gaining momentum through rapid adoption and manufacturing schemes for electric vehicles (hybrid and) and is encouraging the adoption of electric vehicles (EVs) to achieve 30% EV penetration.
If these targets are met by 2030, up to 474 million tonnes of oil equivalent (Mtoe) and 846 million tonnes of net CO2 emissions can be saved over their entire useful lives.
Tax incentives: Various demand tax incentives are being implemented to stimulate the production and consumption of electric vehicles and charging infrastructures, such as income tax refunds and tariff exemptions.
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India Goal on Electronic Vehicles
Increased EV R & D: The Indian market needs to encourage unique technologies that are strategically and economically suitable for India.
It makes sense to use a local university or existing industrial centre, as lowering prices requires local R & D investment.
India should work with countries like the United Kingdom to synergize the development of electric vehicles.
Raise public awareness: Breaking old norms and establishing new consumer behaviour is always a challenge. Therefore, dispelling various myths and promoting electric vehicles in the Indian market requires awareness and education.
Feasible electricity rates: Given current electricity rates, charging at home can also be an issue if the power generation comes from a coal-fired power plant.
Therefore, what is needed to drive electric vehicles' growth is a change in the overall landscape of power generation.
Against this backdrop, India will become one of the largest solar energy and energy storage markets by 2025.
The combination of PV grid solutions with overall improved grid resilience makes an appropriate charging infrastructure for electric vehicles an environmentally friendly option.
Building a Closed-Loop Mobility Ecosystem: Subsidizing electric supply chains' production will strengthen the development of electric vehicles in India.
In addition to the charging infrastructure, you also need a robust supply chain.
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Besides, battery recycling stations need to recover metal from the batteries used for electrification to create the closed loops required to switch to electric vehicles and environmentally friendly decision.
Conclusion: The project report formulated by NPCS is highly accomplished and made by experienced consultants.
Niir Project Consultancy Services (NPCS) is a team of highly experienced engineers, planners, specialists, financial experts, economic analysts, and design specialists who prepare the project reports on different segments you can get the project report on E Vehicles. The data provided in project reports are assessed multiple times with the help of industry players. The report not only gives the details about the current market scenarios but also on future growth and demand of markets too.
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