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Stock Market Tips, 0.02% new cars are electric: What govt must do to reach all-electric goal
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Just 0.02% (4,800) of all new cars sold in India in 2016 were electric
The 2018 edition of Auto Expo showcased some 50 electric vehicles (EVs), reflecting the buzz created by the government’s proclaimed intention to sell only electric cars by 2030, to both reduce vehicular pollution and curb India’s dependence on petroleum product imports.
The displays signalled the industry’s capability and eagerness to tap this new market. Just 0.02% (4,800) of all new cars sold in India in 2016 were electric. In contrast, as many as 2.5 million conventional cars are sold every year, and a matching sales figure for EVs hints at a huge market.
Based on road transport minister Nitin Gadkari’s announcement that a policy dedicated to promoting and regulating EVs was in the works, EV manufacturers and sellers were expecting a policy and regulatory framework laying out a roadmap for creating an ecosystem comprising, most importantly, charging stations, as well as rolling out incentives for both manufacturing and purchasing EVs.
On February 16, 2018, the heavy industries ministry issued a draft National Auto Policy for discussion, acknowledging the importance of green mobility but referring to EVs as just one among several alternatives such as vehicles run on biofuels, CNG and hydrogen. No specific timelines for targets, infrastructure building and incentives for any of these were outlined, and, most worryingly for EV makers, no plans were specified for aligning India’s flagship EV programme, Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME), with the overall electric vehicle vision or with the domestic manufacturing programme, Make in India.
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