EV Landscape Central & State Government Incentives and Regulations
India is the world’s third-largest emitter of greenhouse gases, which primarily come from inefficient combustion of fossil fuels in electricity generation and stationary energy use. The Union government has set a goal to reduce its emissions intensity by 20-25% below 2005 levels by 2020. Electric vehicles or EVs have grown in popularity worldwide over recent years, as they reduce air pollution and also save money on fuel and maintenance. The electric mobility landscape in India is rapidly changing with EV incentives and regulations coming in from different government bodies.
Performance vs Cost In terms of performance, there is no longer the gulf there once existed between EVs and their internal combustion engine (ICE) counterparts. EVs, in fact, fare better than ICE vehicles on a range of transport policy goals, including enhanced energy security, reduced reliance on crude oil, better air quality and lower greenhouse gas emissions.
EVs are, therefore, emerging as the preferred d clean technology for the future of mobility. The economics of EVs has also improved significantly, while advancements, especially in battery and charging technologies, are expected to reduce costs further.
Central Government Policy roll out snapshot
2010: The Indian government announced a strategy to reward OEMs with a budget of INR 950 billion. 2012: The incentive program was scrapped, resulting in a 70% reduction in electric vehicle sales. 2013: The Indian government has established the National Electric Mobility Mission Plan (NEMMP) 2020 2015: FAME-I scheme launched on 01-Apr-15 till 31-Mar-19 by the Dept. of Heavy Industries. Allocated total financial outlay of INR 5.29 billion 2019: FAME-II commenced from 01-Apr-19. The union cabinet approved an outlay of INR 100 billion. Taxes reduced to 5% on EVs and Electric Chargers.
Read More:- https://semaconnect.in/ev-landscape-central-state-governmentincentives-and-regulations/