Electric Vehicle-Benefits and Government initiatives, major company

In recent years, the automotive industry has witnessed a transformative shift towards sustainability and eco-friendly alternatives. At the forefront of this movement are Electric Vehicles (EVs), offering a cleaner and more sustainable mode of transportation. This blog explores the various types of electric vehicles, highlights their benefits, and explore government initiatives and major companies shaping the electric mobility landscape.

Table of Contents

Introduction

An electric vehicle is one powered by an electric motor rather than a traditional petrol/diesel engine. This electric motor is powered by rechargeable batteries that can be charged by common household electricity.

Electric vehicle provide a greener option to regular gasoline-powered vehicle by drastically lowering their carbon footprint. They are made to break free from the traditional dependency on fossil fuels. The heart of an electric vehicle lies in its advanced electric motor, powered by rechargeable batteries that store and deliver electricity to drive the wheels.

The electric motor, battery pack, power electronics, and charging system comprise the key components of an electric vehicle. These components work in tandem to deliver a driving experience that is not only quieter and smoother but also marks a paradigm shift in energy efficiency and sustainability.

Types of Electric Vehicle

1. Fully Electric Vehicle

In this type, an electric motor, controller, and rechargeable battery are an electric car’s essential components. The battery is powered first. Subsequently , the controller transforms the DC to AC current for the motor to utilize. Electrical energy is transformed into mechanical energy by the motor.

2.Plug-in Hybrid Electric Vehicles

PHEVs combine a traditional internal combustion engine with a battery and electric motor. They can be charged through a power outlet or run on gasoline, providing flexibility for longer journeys.

3.Hybrid Electric Vehicle

The same technology exists in hybrid cars, alongside a small gasoline engine running a generator. This powers the car at cruising speed, and batteries provide extra power when accelerating. Batteries can recharge themselves when the car is decelerating or standing still. Hybrid technology means that your petrol goes much further, saving your money and reducing environmental impact.

Benefits of Electric vehicle

1.They produce no tailpipe emissions, so are better for the planet.

Government provide subsidy on EV. So financial benefits

3.They often have a smoother drive than petrol cars.

Convenience of charging at home.

5.They are cheaper to run.

6.Do not need much maintenance, as they have fewer moving parts.

Electric Vehicle Promotion in India

“We are going to introduce electric vehicles in a very big way. We are going to make electric vehicles self-sufficient like UJALA. The idea is that by 2030, not a single petrol or diesel car should be sold in the country,” Power Minister Piyush Goyal said while addressing the CII Annual Session, 2017.
In February 2019, the Union Cabinet cleared a Rs 10,000-crore programme under the FAME-II scheme. This scheme came into force from April 1, 2019. FAME, or Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles, is currently India’s flagship scheme for promoting electric mobility. Currently in its 2nd phase of implementation, FAME-II is being implemented for a period of 3 years, eff. 1st April 2019 with a budget allocation of 10,000 Cr
The government has developed several programmes and incentives to increase demand for electric cars and to encourage manufacturers to engage in the R&D of electric vehicles and related infrastructure.
EV Charging Infrastructure: Guidelines and Standards by Ministry of Power, Government of India.

The Ministry of Power (MoP) vide their order dated13thApril 2018 clarified that EV battery charging, as an activity, does not require any license under the provisions of the Electricity Act, 200314. Furthermore, the ‘Charging Infrastructure for Electric vehicles – Guidelines & Standards’ notified by the MoP on 14th December, 2018 also clarified that setting up a PCS shall be a de-licensed activity.

The Union Budget 2019-2022 had outlined various proposals for giving a boost to manufacturing of electric vehicles and developing India as a global hub for the same. Government has lowered the GST on electric vehicles from 12% to 5%. The union budget is also providing additional income tax deduction of Rs. 1.5 Lakh for an individual on interest paid on loans taken to purchase electric vehicles. This amounts to a benefit of around Rs. 2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicle. As a further incentive to e-mobility, customs duty was exempted on certain parts of electric vehicles.
India electric vehicle market reached a value of US$ 772 Million in 2022. the market value is expected to reach US$ 19,980 Million by 2028, growing at a CAGR of 69% during the forecast period (2023-2028).