What is it?
- An EV is defined as a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source.
Advantages
- Electric Vehicles are more environment friendly and reduce carbon emission by burning fossil fuels.
- EVs contribute to energy diversity by reducing dependence on oil imports which reduce flow of foreign currency outside.
- The development and adoption of EVs have spurred technological advancements in battery technology, electric drivetrains, and charging infrastructure.
- Electric vehicles have lower operating costs and are long running in nature.
Disadvantages
- High initial cost
- Limited charging infrastructure in India , so not suitable for long travel.
- Absence of rare earth minerals like Lithium in India , so want to depend on Lithium Triangle Nations
Government Steps to Promote Electric Vehicles
- The Faster Adoption and Manufacturing of Electric Vehicles (FAME)scheme II, which provides incentives for EV manufacturers and buyers. These incentives include subsidies, tax rebates, preferential financing, and exemptions from road tax and registration fees.
- The National Electric Mobility Mission Plan (NEMMP), which sets out the target to achieve 6-7 million sales of hybrid and electric vehicles year on year from 2020 onwards by providing fiscal incentives.
- The National Mission on Transformative Mobility and Battery Storage, which seeks to create a comprehensive ecosystem for the adoption of EVs and support the establishment of giga-scale battery manufacturing plants in India.
- The Production Linked Incentive (PLI) scheme, which provides incentives for the manufacturing of electric vehicles and components.