India is at the cusp of an e-mobility revolution that would potentially reduce oil imports, address air pollution levels and also help the country meet its climate commitments by reducing the energy intensity of the GDP, Grant Thornton Bharat-Ficci said in a report.
The report cited factors such as increasing government support, decreasing cost of technology, growing interest of the country in EVs, distressing pollution levels, would accelerate India's transition to EVs.
The Union government is planning to massively increase the share of EVs by 2030, with two-wheeler penetration for the segment being targeted to reach 35 per cent, three-wheeler to 65-75 per cent, four-wheeler to 30 per cent, and buses to 40 per cent.
Besides, the report revealed that the economic viability of EVs remains intact from a consumer standpoint. "To further complement this and address the rising oil prices, the government has decided to increase taxes on petroleum products to shore up finances," the report said.
According to the report, the EV industry is anticipated to be a strong factor in the revival of the economy. "By 2024, the Indian government aims to register 0.5 million new vehicles and plans to provide financial incentives on top of the central government's existing income tax rebates for the purchase of EVs," it said.
On Thursday, August 12, the NITI Aayog released a handbook to help state governments and local bodies to frame policies and norms towards setting up charging networks for electric vehicles.
Jointly developed by the NITI Aayog, the Power Ministry, the Department of Science and Technology, the Bureau of Energy Efficiency, and the World Resources Institute, India, the handbook provides a systematic and a holistic approach for adoption by implementing authorities and other stakeholders involved in planning, authorisation and execution of electric vehicles charging infrastructure.
"The electric vehicles ecosystem in India is evolving rapidly and there are several players entering the charging infrastructure market. This handbook provides holistic governance for public and private stakeholders to work together in establishing robust and accessible EV charging networks," NITI Aayog CEO Amitabh Kant said.