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India Readies EV Policy Designed to Cut Spending on Oil Imports
India is developing a government policy aimed at reducing surging oil import costs by encouraging a massive shift to electric vehicles.
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India is developing a government policy aimed at reducing surging oil import costs by encouraging a massive shift to electric vehicles. The plan is due by the end of 2017.
The rapid adoption of EVs could reduce India’s demand for oil by 156 million metric tons per year and reduce its annual spending on petroleum-based fuels by $60 billion by 2030, according to a report by state-backed think tank Niti Aayog.
The shift also would enable India to slash energy demand related to personal mobility by nearly two-thirds and reduce carbon emissions 37%, according to the report. Niti Aayog CEO Amitabh Kant predicts EVs will “come to India in a big way in about a decade.”
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