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E-Vehicles and new India

E-Vehicles and new India

Modern life cannot function without transportation, the conventional combustion engine is gradually ageing. Vehicles powered by petrol or diesel are very polluting, and fully electric vehicles are quickly replacing them. Fully electric vehicles (EVs) are significantly better for the environment and produce no particulate emissions. Compared to a petrol or diesel vehicle, an electric vehicle has significantly reduced operating costs. Instead of utilising fossil fuels like petrol or diesel to charge their batteries, electric vehicles use electricity.

Due to their greater efficiency and the lower cost of power, charging an electric car is more affordable than purchasing fuel or diesel for your travel needs. The use of electric vehicles can be more environmentally benign when powered by renewable energy sources. If charging is done with the aid of renewable energy sources installed at home, such as solar panels, the cost of electricity can be further decreased. Due to the absence of exhaust emissions, driving an electric car can help you lessen your carbon footprint. By choosing renewable energy sources for your home electricity, you can further lessen the environmental impact of charging your vehicle.

New incentives for the nation’s electric vehicle industry were included in the budget that the new finance minister, Ms. Nirmala Sitharaman, unveiled. The best incentive was that buyers of electric vehicles could deduct up to Rs1.5 lakh more from their income taxes as interest payments on any loans for electric automobiles. With the new incentive, a person purchasing an electric vehicle can now get a deduction of a total of Rs 2.5 lakh in interest. The Finance Minister also proposed a reduced GST rate for electric automobiles from 12% to 5%.

Dealers lament that just a small number of current models are eligible for some of the budget and even the previously announced FAME -2 subsidies. Despite this, the government is hopeful that the system of shared incentives would force manufacturers to create models that can satisfy the updated specifications.

According to FAME regulations, if a car costs less than Rs 15 lakh, only passenger vehicles, including cars, would be eligible for the FAME -2 subsidy incentive. Corresponding to this, there are additional technical requirements to qualify for the FAME-2 production subsidies for e-vehicles.35,000 electric, plug-in electric, and 20,000 hybrid vehicles can receive subsidies through FAME-2 as long as their ex-factory prices are under Rs 15 lakh and they are used as taxis for public transportation.

Fossil fuels are scarce, and using them is harming the environment. Long-term, harmful effects on public health are caused by toxic emissions from petrol and diesel cars. Compared to petrol or diesel vehicles, which can only convert 17%–21% of the energy stored in the fuel to the wheels, electric vehicles can convert about 60% of the electrical energy from the grid to power the wheels. It is a roughly 80% waste. Even when power production is taken into account, petrol or diesel vehicles still release nearly three times as much carbon dioxide as the average EV. Electric vehicles have zero tailpipe emissions. India aims to attain roughly 40% of its installed electric power capacity from non-fossil fuel-based energy sources by the year 2030 in order to lessen the impact of charging electric vehicles. Electric vehicles are the future of transportation in India, thus we must make the transition right away.

Kamaljeet Kaur

Assistant Professor

Department of Economics,

Patna Women’s College