It is a known fact, that the Indian govt. has been trying rigorously to implement and promote electrification throughout the country. But Why is it doing so? What are the implications of E-Mobility in the Indian Economy? Below are just some points that highlight the strategic imperatives that Are making India lean towards Electric Mobility.
1. Reduce Carbon Footprint
India, home to 10 cities with the world’s worst quality of air is on the brink of a catastrophe and urgently needs to reduce its carbon emissions and meet our climate obligations. If implemented smoothly, EVs could reduce our CO2 emissions by 37%.
2. Increase in Power Demand
There must always remain a balance between Demand and supply. Demand for power has not risen in sync with power generation capacities, leading to the non-viability of the sector. Rise in EVs could help grid stability going forward. A new source of power demand in the form of Electric Vehicles will be beneficial for the power sector and may lead to stable demand and a ‘paying customer segment’
3. No fuel Costs. Eliminate Fuel Security Risks.
India currently depends on large scale imports of crude to meet most of its mobility fuel needs. We can save 64% of passenger mobility-related energy demand in 2030 by pursuing a shared, electric & connected solution. This could result in a reduction of 156 Mtoe (~US $ 60 Bn.) in diesel & petrol consumption for that year.
4. Scaled Manufacturing
Venturing in a new segment always contributes to the manufacturing capability of the country. With the Inception of Electric mobility Era, new companies and millions of job opportunities are on the rise and prove to be a boon for the Indian Economy with more than 10million unemployed workforce.
5. Promote Infrastructure Development
Infrastructure development is critical for economic development. It has a domino effect on the other sectors of the economy as it helps improve productivity by removing infrastructural bottlenecks, which impede economic growth. The push of the present Indian government in improving infrastructure including the Electric mobility segment is thus a step in the right direction.
6. Shared Mobility
The shared mobility concept, as introduced by NITI Aayog, has the potential to displace private vehicle ownership, which is typically costly, inequitable, and inefficient in comparison. This could unlock a transportation future that is more affordable and efficient. And what better mode of reliable, cost-saving and clean transportation then Electric mobility transit.
The decision taken by the Indian Government for 100 % Electrification seems to be headed in the right direction. It is only the dedication of all the stakeholders in the EV segment to assure that the policies are implemented successfully.
According to the World Economic Forum, India is one of the fastest-growing markets for Electric vehicles (EVs). This momentum has also been extensively supported by the Government and hundreds of EV-based startups in the country. Electric vehicles in India are...