India is moving towards environment-friendly options in order to prevent climate change and reduce carbon footprints. Electric Vehicles are one of them. Currently, in the automotive sector, a big switch is happening globally. It is being said by the govt that due to the increase in oil prices the transition is a must although it is certainly a motivating factor that is causing people to switch to EVs. India is focusing on achieving at least 30% of private automobiles as EVs by the year 2030, stated at the Conference of the Parties (COP26) Summit.
The EV sector has seen tremendous growth and demand already attracting investments which is both foreign and Indian. In the year 2021, $6 Billion was invested in the EV industry, and is anticipated to reach $20 Billion by 2030. A report by AMP suggested that from 2016 to 2026 the EV sector’s input would be more than 12% of India’s GDP of which 7.1% has been achieved already.
Presently in India, every 10th petrol pump is offering an EV charger for electric vehicles and CNG as well in order to give a boost to renewable energy. There are 84,00 fuel outlets out of which 8900 have alternatives like CNG, auto LPG, and EV chargers. Oil retailers like Bharat Petroleum, Indian Oil, etc. are procuring licenses to expand and sell gas in other parts of India too and in places where they do not have the license, state-owned pumps are selling CNG. In the coming few years Indian Oil, BPCL, and HPCL will push to have EV chargers at 22,000 pumps.
