NITI Aayog has recommended a massive shift towards EVs aiming complete electrified mobility by 2032 with the help of a battery plant in India
Government of India is planning a massive shift towards electric vehicles by 2032. National Institution for Transforming India (NITI Aayog) has recommended the government to set up a battery plant by the end of 2018 as a public sector initiative that will boost India’s drive towards electric mobility in next one and half decade.
Also, NITI Aayog has suggested that the revenues collected from sale of conventional fuel powered cars be used to set up charging stations and other infrastructure for electric vehicles. Also, it has suggested the government to lower the interest rate for loans for EVs. By implementing this, Indian mobility sector could see a new era by 2032. Dubbed as the ‘Transformative Mobility Solutions for India Report’, has been made in association with US consultancy Rocky Mountain Institute.
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India is one of the fastest growing car markets in the world. It is also the third largest fossil fuel consumer in the world with 80% of that being used for domestic purposes. The country is also expected to reduce the crude oil import by half by the end of next decade. The government of India currently encourages the purchase of hybrid, plug-in hybrid and electric vehicles by offering multi-stage subsidy and benefit of tax exemption under its FAME scheme.
EV industry in India is still at its primary stage. But, recent trend shows that domestic buyers are slowly showing interest towards hybrid, plug-in hybrid and EVs. Automakers like Toyota and Mahindra have taken major initiative to promote alternative fuel powered cars. While Mahindra sells e20 Plus and e-Verito, Toyota too has Prius and Camry in its portfolio.
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Hyundai is also gearing up to launch its unique car Ioniq in the country, which is set to make debut here during 2018 New Delhi Auto Expo. Speaking about Indian government’s strategy, it is trying to follow China’s path, as the country is aggressively driving sales of hybrid and electric cars by discouraging the usage of conventional fuels like petrol and diesel.
EV and Hybrid Cars in India – Gallery
Source: Reuters