Chennai: India could save on crude oil imports worth over Rs 1 lakh crore (USD 14 billion) annually if electric vehicles (EVs) were to garner 30 per cent share of India’s new vehicle sales by 2030, according to an independent study released by the Council on Energy, Environment and Water (CEEW).
The increase in electric vehicles penetration could also increase the combined market size of powertrain, battery and public chargers to over Rs 2 lakh crore (USD 28 billion), in addition to creating 120,000 new jobs in this sector.
In addition, a substantial number of new jobs are likely to be created in emerging areas such as battery recycling, telematics, and allied construction and services.
The CEEW study, supported by the Shakti Sustainable Energy Foundation, also found that meeting the 30 per cent EV penetration target in 2030 could lead to several environmental benefits including a 17 per cent decrease each in primary particulate matter and nitrogen oxide and dioxide (NOx) emissions, 18 per cent reduction in carbon monoxide emissions, and a 4 per cent reduction in greenhouse gas emissions relative to the business as usual scenario (BAU).
Abhinav Soman, one of the authors of the study and a researcher at CEEW, said, “As India recovers from the pandemic, a focus on developing India’s domestic EV manufacturing sector and increasing the penetration of electric vehicles in road transport would help deliver on jobs, growth and sustainability. This would require creating a robust and comprehensive transition plan for electric mobility that capitalises on the opportunities created in the form of improvement in balance of payments, new markets, and jobs generated.”
