The government is making huge efforts in the direction of enabling green driving, eco-friendly mobility, and the making of a lucrative EV market. Although, less than 1% of vehicles in the country are electric.
India’s dream of becoming Detroit of electric vehicles got further boost once again since the Minister of Finance and Corporate Affairs Nirmala Sitharaman announced the additional tax relief of Rs 1.5 lakh on the interest paid on loans availed for purchasing electric vehicles. The government is making huge efforts in the direction of enabling green driving, eco-friendly mobility, and the making of a lucrative EV market. Although, less than 1% of vehicles in the country are electric.
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China, Norway, the US, and the UK are the early birds for EV adoption. Where China’s sales of plug-in hybrid electric vehicles (PHEV) reached to 1.3 million in 2017, PHEV sales accounted for 200,00 vehicles out of total 17,340,700 vehicles in the US, the fully electric car sales grew to 31.2 percent market share in 2018. The UK is also making strides in large scale adoption of EV with successful pilot projects.
Now in India, this EV push has come out of the need for national fuel and energy security, eco-friendly transportation, and pollution control. In the wake of the government’s National Electric Mobility Mission Plan (NEMMP), the Indian auto industry is witnessing a lucrative opportunity for registering double-digit growth as well as winning the global EV leadership. Not only this, if the plan turns out to be successful, the associated industries will also experience a major boost.
Source: Financial Express
