By Sheikh Yameen
India lies at the forefront of a critical transition: shifting from fossil-fueled transportation to electric mobility in this changing world. It is no longer an industrial trend, but rather a must brought about by economic, environmental, and social imperatives. Behind the transformation of this shift lies the promise of clean air, reduced carbon emissions, and an optimistic sustainable future. So how does this sit with India and what does it mean for the country’s future transport?
Why India Needs Electric Mobility Now?
India ranks as the world’s third-largest emitter of greenhouse gases (GHG). With transportation accounting for 10% of these emissions, the sector’s impact on air quality and public health is undeniable. Fourteen of the 20 most polluted cities globally are in India, with Delhi frequently topping the charts. These staggering statistics underscore the urgent need for cleaner alternatives.
Dependence on imported crude oil stands at 85% of the country’s needs, creating another angle of urgency. Automobiles alone account for 55% of this demand. A shift toward electric vehicles can reduce the environmental burden while strengthening energy security.
Government Moves So Far
The journey for the country toward electrification has taken off with full-fledged government initiatives through National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) schemes. Initiatives like these push in the direction of EV production and consumption and offer a direct subsidy to consumers besides bringing down the GST rate for buying EV.
The PLI scheme further strengthened the industry, making local manufacturing of advanced battery technologies even more encouraging. Meanwhile, states were active in announcing EV-friendly policies, including road tax waivers and mandates for electrification of public transport.
Such policies are already showing results. India’s 4W EV penetration, though modest at 2% in FY24, is expected to reach 18% by FY30. Two-wheelers (E2W), the most preferred mode of transport, are pacing the change with an 8% penetration that is expected to reach 40% in the same time.
A Dynamic Ecosystem Taking Shape
Not just vehicles, the Indian EV revolution is holistically an ecosystem of manufacturers, suppliers, service providers, and developers of infrastructure. It’s here that Tata Motors, Ather Energy, and new-age startups like Curve Electric are actually forging the landscape by driving innovation and creating new job opportunities.
India’s EV ecosystem is slowly coming of age. Charging points—an important part of the adoption of electric vehicles—are slowly being installed across urban and rural localities. A much more ambitious government plan is that of an EV charging kiosk at every petrol pump in the country. Battery-swapping technology is also gaining importance; it can be a swifter and much more efficient process for fleet operators and logistics companies.
The Economic Case for EVs
Transitioning to EVs is not just an imperative on environmental grounds but also presents an opportunity in the economic realm. Import dependence on oil will reduce, and manufacturing in the country will increase, saving billions of dollars annually. The industry is equipped to take on a scad of jobs through the manufacturing, infrastructure, and allied industries. Other than the subsidy they receive, consumer’s financial benefits also include lower maintenance costs and reduced dependency on fossil fuels in the case of EVs, thereby saving money across the lifecycle. Innovations in the financing models, such as battery-as-a-service and leasing options, are making these vehicles accessible to the average Indian.
CONQUERING OBSTACLES
The promise is huge, though with some persisting challenges-a cost of an electric vehicle on the very high side at the outset, charging infrastructure sparse, and no location-specific supply chain. However, India has been quite resilient in its handling of such challenges, and so was India’s EV sector. Another promising solution can come in the form of PPPs. Companies such as Curve Electric are actively working with local authorities to develop e-bike sharing systems and charging networks. Such initiatives will not only speed up access to EVs but also raise confidence among consumers toward such emerging technology.
A Glimpse of the Future
The entire electric mobility “ecosystem” is expected to grow from $34 billion by FY24 to an astonishing $238 billion by FY30. That’s a healthy compound annual growth rate (CAGR) of 38%. Growth in the sector would cut across the economy-at-large-from logistics and public transport to more.
It can unlock the true potential of EVs in India, considering the overall global trends. It has seen even Norway and China move ahead with penetration rates of 93% and 40%, respectively. These success stories offer lessons to important points like incentivization, development of infrastructure, and raising public awareness.
The Human Element : Stories of Impact
There is a human value lost so readily in the statistics and policies around this change. Imagine a young professional commuting to work on an electric two-wheeler in New Delhi, breathing cleaner air during commutes and saving on transport. Imagine a logistics firm in Mumbai using electric delivery vans, reducing carbon imprints. These are stories of how EVs do not only transform industries but transform lives.
Conclusion
The Time Has Come That it may well be India’s chance to lead the cusp from non-renewable to electric mobility rather than a compulsion. It could emerge as a global leader in the sustainable transportation endgame with the right mix of policy support, technology innovation, and public-private collaboration. Tough but promising times lie ahead-a time for acceleration. The mission of Curve Electric exceeds just being a business opportunity; it’s about changing the world, one vehicle at a time.
Views expressed in the article are the author’s own and do not necessarily represent the editorial stance of Kashmir Observer
- Sheikh Yameen is the CEO & co-founder of Curve Electric & can be reached on [email protected]
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