10 FEB,2020 | MEDC
Slowly but surely, the electric vehicle (EV) ecosystem is taking strong roots in India. Given the magnitude of the health and productivity issues caused by pollution, India’s commitment towards cleaner mobility and a green economy is understandable. The transportation sector has to do its bit to make it possible. From the entrepreneurs’ perspective also, India is a market that provides a tremendous opportunity in the EV space. The opportunity is so vast that every player in the ecosystem can benefit from it. However, making EVs will require complex collaboration strategies and massive infrastructural investments. Fortunately, Budget 2020 has a strong focus on attracting foreign investment to India, and many policy sops have been provided to that effect. This should elicit a favourable response from foreign investors, and work towards facilitating the development of our EV landscape. From charging infrastructure to investments in R&D for EVs suitable for Indian roads, the industry is gearing up for the gigantic task ahead. Of course, the higher price of EVs compared to its internal combustion engine counterpart is likely to remain a key deterrent to the scope of its penetration in India. Yet, with technological advancements and the benefits of economies of scale, the picture may change sooner than expected in favour of EVs. The bottom line is that if we are to work towards the development of a cleaner and more sustainable environment for the sake of India’s future generations, making EVs a cost-effective option for the masses begets serious consideration.
*Photo Credit: Google