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Report Summary The government ambitious plans for the shift to electric vehicle by 2030 has caught the eyeballs of industry players and the policymakers. Do we have apt preparedness?
Will an all-EV strategy for India be suitable enough?
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- Brief Overview
The government ambitious plans for the shift to electric vehicle by 2030 has caught the eyeballs of industry players and the policy makers. The government in India is firmly disposed towards bringing in a low/ reduced carbon footprint in India’s mobility scenario by 2030 and EVs is pivotal to government plans. Hence, the country aims big as Government of India approved the FAME-II scheme with a fund requirement of INR 10,000 crore (USD 1.39 billion) for FY’2020–22 giving an initial push towards increasing electric vehicle fleet in India. However, the pace of electric vehicle market growth has been on slower side owing to the lack of policy support and infrastructure challenges. As per the estimates, EV sales is less than 1% of total passenger vehicle sales in India as on FY 2020. Moreover, the onset of Covid-19 has also mandated the government to rework at the strategies for quick rollout of the electric vehicle on the roads.
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