With the Central Government framing policies that are to be implemented for the fast adoption of Electric Vehicles by consumers and state governments targeting full electrification of the transportation system, India is all set to become the global Electric Mobility hub soon. A new report released by the World Economic Forum and Ola Mobility Institute shows there are ten states and union territories building momentum for electric vehicle usage across manufacturing, infrastructure and services sectors.
“With many more states in the process of designing their EV policies, policymakers, businesses, can use this framework to analyze state policies for sustainability and longevity. The role of government is crucial for accelerating adoption. Right now, the uptake of electric vehicles is slow due to the high upfront cost and range anxiety. But, long-term investment in R&D will create sustained growth,” said Christoph Wolff, Head of Mobility, World Economic Forum, in a statement.
As witnessed till now, Delhi’s policy targets the components of electric vehicles that have achieved parity in terms of the life cycle and total cost of ownership with internal combustion engine (ICE) vehicles. Karnataka, meanwhile, with technology hubs like Bengaluru, aims to become an EV manufacturing hub and to invest in research and development for battery manufacturing. Kerala is focusing on electric trains, electric buses, and on using energy-efficiency systems. Tamil Nadu, lauded for its comprehensive policy, has also created an EV venture capital fund. Uttar Pradesh is targeting 2 lakh charging stations by 2024. Andhra Pradesh is targeting 100% electrification of buses by 2029, and not to forget the skilling programs Tamil Nadu, fiscal incentives in Maharashtra and non-fiscal incentives like retro fitment services in Telangana.
“The role of government is crucial for accelerating adoption. Right now, the uptake of electric vehicles is slow due to the high upfront cost and range anxiety. But, long-term investment in R&D will create sustained growth.” India has taken up an ambitious target to become a $5 trillion economy by 2025,” said Anand Shah, Head, Ola Mobility Institute.
“For a price-sensitive market like India, developing incentives for electric (clean) kilometers run versus electric vehicles purchased makes economic sense and is suggested to be the guiding principle for the national strategy,” Wolff said regarding the Government’s role in the adoption of Electric Mobility.
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