The World is tilting towards a future that is full of Electric Mobility for a transition in the direction of a more green lifestyle. India is also following the steps. Cities in India contribute to 82% of the GDP but are also responsible for 78% of overall CO2 emissions, based on a statement by Amitabh Kant, CEO of NITI Aayog.
Air pollution caused 1.24 million deaths in 2017, a Lancet Planetary Health study reported. India launched the National Clean Air Program (NCAP) this year, aligned with programs to promote electric mobility.
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India has taken several steps to foster the growth of Electric Mobility:
- Reduced GST on electric vehicles (EVs) and chargers to 5%, as well as income tax exemption of up to INR 150,000 on interest paid on EV loans, announced in the Union Budget 2019.
- Proposed prohibiting the sale of petrol/ diesel 2 and 3-wheeled vehicles and selling only electric vehicles by 2025, with an ambition of a Zero-Emission India by 2047.
- Reduced GST on electric vehicles (EVs) and chargers to 5%, as well as income tax exemption of up to INR 150,000 on interest paid on EV loans, announced in the Union Budget 2019.
- Amended EV charging Infrastructure in India.
- In a zero-subsidy scenario, the government may consider providing tax rebates and tax holidays, lower Goods and Service Tax (GST) on electric vehicles, charging stations and associated components, and on services rendered by charging infrastructure operators. Waivers on road tax and income tax benefits may also be
considered.
Now the most challenging task to be done is by the automakers of India as they want to invest in the growing market of Electric Mobility in India and also to revolutionize it and take it to the next level. Some of the major players of the car manufacturing market in India, Tata Motors and Mahindra, both sell electric cars, albeit the options are currently limited. India has a huge 2 and 3-wheeled vehicle market holding two-thirds of market share in terms of yearly sales. First-generation 2-wheeled bike-sharing companies like Bounce, Vogo, Yulu, and others are also going electric. It is underpinned by unprecedented entrepreneurial enthusiasm coming from Indian start-ups, however, big corporations will have to step up and join the prudent flow.
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