Rapidly falling battery prices, increasing energy density of batteries, increasing attractiveness of shared mobility and the growing concern about climate change has prompted many countries around the world to look at electric vehicles (EVs) as a cleaner option.
India is no exception and stands to secure additional benefits from such a transition. Urban air quality is a serious issue with 14 of the 15 most polluted cities in the world being in India. Further, our import bill for petroleum fuels has reached astronomical proportions, having gone up from a mere Rs 16 billion in 1981 to Rs 870 billion in 2017. Violent fluctuations in international crude oil prices have led very adverse impacts on our energy security and our financial planning for reasons over which we have no control.
It is for these reasons that the last Budget offered several incentives to promote EVs. Reduced goods and services tax (GST), income tax concessions and an added levy on petrol and diesel were all aimed at making EVs more attractive. Unfortunately Read More