Tabled in Parliament on December 6, the report titled ‘Electric & Hybrid Mobility- Prospects and Challenges’ has recommended treating HEVs at par with EVs for tax incentives in order to achieve India’s targets of carbon emission cuts. For sometime now, major car makers have been at loggerheads, lobbying for tax breaks for the two different technologies of cars.
The electric vehicle industry in India is picking pace with 100% FDI possible, new manufacturing hubs, and increased push to improving charging infrastructure. Federal subsidies and policy favoring deeper discounts for Indian-made electric two-wheelers as well as a boost for localized ACC battery storage production are other growth drivers for the Indian EV industry. Moreover, in September 2021, a production-linked incentive scheme for the automotive sector was approved by Cabinet to boost the manufacturing of electric vehicles and hydrogen fuel cell vehicles. The burden of oil imports, rising pollution, and as well as international commitments to combat global climate change are among key factors motivating India’s recent policies to speed up the transition to e-mobility.
SOURCE: OUTLOOK
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