Climatic change is the major concern across the globe due to the rise of global warming caused mainly because of the depletion of the ozone layer. Many countries and government bodies are implementing various changes in their routine to help align the environment and to make it liveable for generations to come. Even many renowned philanthropists also have joined hands with their respective government bodies to spread awareness for the same.
One initiative towards climate change is the introduction of electric vehicles (EV) for the daily commute, and India is focusing majorly on this domain to safeguard the future for coming generations. Starting from the scrappage policy in the Union Budget 2021-22 to push the demand for new commercial and passenger vehicles as it is likely to be environmentally sustainable by increasing fuel efficiency and reducing oil imports. Meanwhile, it will phase out older, inefficient, and polluting vehicles for a greener tomorrow. Even an increase in the customs duty rate on parts of vehicles to 15 percent is also aimed towards promoting domestic manufacturing and a gradual shift towards EVs.
There have been various measures taken by our government in-line with the environment, majorly by the introduction of Tesla in India and to the existing Indian car manufacturing brands that are undergoing a transformation of their engineering either in collaboration or indigenously. To power India's electric dream, the central government has recently launched the "Go Electric" campaign to boost the adoption of EVs in the country which is expected to reduce the dependency on imports and to be the stepping stone for a cleaner and greener future by the reduction in carbon emission. Also, Niti Aayog has manifested its vision by setting up a target of 70 percent of commercial vehicles, 30 percent of private vehicles, 40 percent buses, and 80 percent of two-wheelers to be electric by 2030.
The roadmap ahead is futuristic but at the same time, it is challenging as EVs account for less than a percent of yearly sales in India. The challenging regulatory system is one of the reasons followed by concerns of affordability, cost of acquisition, running and maintenance. Apart from these, the issue of value consciousness and unmatched infrastructure has the vital role to put a hurdle in front of both the government and public for adopting EVs. However, the introduction of Tesla could push indigenous brands to make better and cheaper electric vehicles.
In-line with the vision to go electric, many Indian manufacturing units have started their own Research and Development departments to build up a whole new future-ready infrastructure. The listed companies which are expected to be a part of this revolutionary movement are M&M, Maruti, Tata Motors, Ashok Leyland, Hero MotoCorp, JBM Auto, and more while the next segment related to Lithium-ion manufacturers like BHEL, Exide Industries, Amara Raja Batteries, HBL Power and JSW energy is like to get benefited in future. Meanwhile, the infrastructure providers like Tata Power, NTPC and other companies involved in R&D and raw material extraction are most likely to get benefited once the vision is implemented full-fledged within the stipulated time frame. Hence, in the coming future, the automotive industry is likely to hold the key to the nation's development and would play a vital role in controlling the climatic changes and to create a greener tomorrow.
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