Rightly governments across the world are taking all the measures under their power to divert people to opt for EVs over fuel-based cars even if that means providing subsidies. A similar move in India has seen a new figure being breached. With EV Sales crossing the 1 Million mark in India Government can’t afford to jog back on Subsidies now

EVs have been around for quite some time now but in India, they still feel like a pretty new concept, however, in 2022 the segment managed to breach the 1 million mark figure.

This tells us that the country has the potential to emerge as a big player in the EV segment in the future but only if the EV policies are enhanced rather than cut back on even if it means continuing the subsidies.

In the US, EV buyers can avail of tax credits while in the EU there are subsidies available for EVs. India can learn from moves such as these and continue offering subsidies that it has so far been doing.

Policies and consumer incentives have been a big reason for the success of EVs. Increasing fuel prices can be the other way that people can be nudged to shift towards opting EV.

India has managed to sell 21 lakh plus EVs till now of which 10 lakh sales came in 2022 alone. However, to put things into context this figure only made 4.7% of all vehicle sales made in India showing that India still has a long way to go in the EV segment.

CEEW Centre for Energy Finance recently found in a study that markets offering subsidies saw double the growth in the EV segment as compared to those that didn’t give it.

With EV Sales crossing the 1 Million mark in India Government can’t afford to jog back on Subsidies now. In the Indian EV scene, the sales have so far come mostly from two-wheelers as 62% of all EVs sold in 2022 were two-wheelers.

And again this comes on the back of government policies and both national and state levels. The prices have been brought down and that support point has convinced more EV owners to go for them.

So if India plans to be a big EV player in the future then firstly it needs to work on EV pricing and introduce policies and schemes to make them more lucrative to the buyers as compared to being disadvantaged when it comes to their current pricing.

Also Read: Volkswagen Gets the Better of Tesla by Unveiling an Affordable EV

Next up the country needs to phase out fuel-based vehicles slowly by making them unattractive by imposing various restrictions on them.

Lastly, the government needs to set a target for EVs in India. The automotive industry and states can both benefit from this.

India is currently the third largest automaker in the world and if they want to be a big player in the EV segment in the future then the government can’t back away now.

Source: ThePrint

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Elliot is a passionate environmentalist and blogger who has dedicated his life to spreading awareness about conservation, green energy, and renewable energy. With a background in environmental science, he has a deep understanding of the issues facing our planet and is committed to educating others on how they can make a difference.

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