In a recent report released by NITI Aayog, India's policy commission, the country could save close to $60 billion in energy cost by 2030 and one gigatonne of carbon emissions by 2017 and 2030 by opting more electric and shared vehicles.
The policy think-tank has recommended limiting the registration of petrol and diesel cars through public lotteries. Niti Aayog, India's policy think-tank chaired by Prime Minister Narendra Modi, provides a 15-year roadmap for electrification of vehicles in India and is expected to create the foundation for a new green car policy.
The report co-authored by U.S. based consultant Rocky Mountain Institute offers three major changes in India's transportation system: shifting from private vehicle ownership to shared users, move from petrol and diesel to electric vehicles and from cities designed for cars to cities designed for humans.
"Such a transformation could position India as the global leader in clean, shared, and connected passenger mobility, while establishing a model of low-carbon solutions for other developing nations to follow," the report, co-authored by U.S.-based consultant Rocky Mountain Institute, said.
The report also suggested in providing fiscal and monetary incentives and subsidies to promote sales of electric vehicles and utilising tax revenues from the sale of petrol and diesel cars to set up electric charging stations.
Additionally, it has proposed the reduction of interest rates and electricity tariffs for electric taxis, setting a consortium for manufacturing standardised batteries and standard components to reduce their cost and setting up battery-swapping facilities.
Also, the report suggested forming a regulatory body to create, update and simplify the regulatory framework for electric vehicles and piloting the recommendations in a few areas such as lighthouse regions before deploying them across India.