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In the second phase of transitions the government has revised the policies to make India pioneer in electric mobility for global technology and automobile companies. The policies have designed such a way that it will usher in electric mobility in a big way as it holds immense promise for economic growth and ease of living.
We expect India to create a robust and affordable electric mobility ecosystem comprising production facilities and a large network of charging points to achieve three key strategic goals—cutting down carbon emissions, creating new job opportunities and reduce use of crude oil, about 80% of the requirement of which is met through imports.
Many businesses have ventured into setting up charging stations to tap opportunities arising from a transition to electric mobility. One key challenge to realizing the goal of electric mobility is the high cost of batteries which policy makers hope will come down with new technology and economy of scale.
The Indian automobile industry is the largest growing markets and contributes highly in the country’s manufacturing facilities. The automotive industry in India is further expected to pull up the share of manufacturing in India’s GDP to 25% by 2022. As vehicles have become the phantom in human life, its design, development and existence plays a substantial role in present generation. The auto industry is set to witness major changes in form of Electric Vehicles. The electric vehicles technology is at a very nascent stage and it is expected to evolve in the upcoming years. A face change is definitely anticipated for India’s EV industry with major thrust given by the government. The Government support and subsidies are the keys to embellish EV market in India. It plans to give hike in investment to USD 3 bn under the National Electric Mobility Plan (NEMP) 2020.
With a futuristic vision on electric vehicles, the Government has raised the incentives under the second phase of Faster Adoption and Manufacturing of Electric (and Hybrid) vehicles (FAME) scheme to INR 5500 cr which would be allowed to all categories of vehicles for all cities. Out of the total allocation, INR 4500 cr would be allocated for providing subsidies and INR 1000 cr would be allocated for charging infrastructure. Government plans to set up 30,000 slow charging stations and 15,000 fast charging stations over the next 3-5 years to improve electric infrastructure. The availability of charging infrastructure and the financial aid provided by the government are the emerging factors that are positively correlated with the expanding growth of electric vehicle market. It is even expected that the Centre would exempt electric vehicles from paying toll taxes during infancy stage and provide permits to run electric three-wheelers across the country.
With the government’s outlook for the shift towards an eco-friendly environment by focusing more on the usage of electric vehicles we expect that automakers and other collateral segments would be the major beneficiaries.
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