India’s extended Covid-19 lockdown has slowed down the economy, and recovery could take time. As the government chalks out revival strategies and makes crucial decisions of spending allocation, a thrust on electric mobility has the potential to catalyse recovery and growth.
In recent years, India has emphasised the adoption of Electric Vehicles (EVs) with the government announcing incentives including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II), and the industry gearing up for it. Developing an EV-centric ecosystem was estimated to have the potential to attract USD 20 billion of investment, create jobs, help India emerge as a manufacturing leader and substantially reduce dependence on energy imports. We need to remember that India spent USD 112 bn on crude oil imports between April 2019 and February 2020. The uptake of e-mobility could reduce transportation and logistics costs by over USD 22 bn annually by 2030. Above all, falling tailpipe emissions would undoubtedly be a welcome respite for India’s choking cities.
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