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NITI Aayog, the government's think tank, said that costs of electric vehicles would be at par with internal combustion engine vehicles over the next three or four years. The statement that came from Amitabh Kant — CEO at NITI Aayog, also said that this will happen because of a decline in battery prices in the future.
According to their research, India has 28 cars for every 1,000 people, much lower in statistics when compared to the US and Europe which have 980 and 850 cars for 1,000 people respectively. The agency feels that India is transitioning towards urbanization, and the future will most certainly be electric, shared, and connected.
The agency said that India is transiting towards an era where costs of batteries will fall from US$ 276 (kWh) per kilowatt hour to US$76 dollars per kilowatt hour. They are banking on this reduction, and expect that it will help price electric vehicles at par with conventional fuel vehicles.
The agency said it is important for the government and the auto industry to have finished ground-work and make sure that three-wheelers, four-wheelers, and public transport buses become electric.
The NITI Aayog has laid down a policy framework that will help the country transition towards the Electric Era. The policy includes a financial incentive for buyers, and also helps the government save on the roughly US$ 111 billion it spends on fuel imports.
Mr Kant said that it was critical that the country becomes a model of ‘urbanization', and that India should be able to recycle its water, its waste, and also ensure that there is adequate and fit public transportation.
The agency also thinks that the government can act as a facilitator and a catalyst. There is huge amount of political will in the country and the government should use that will to sway citizens towards a green and efficient future.
Thoughts About EVs And Conventional Fuel Vehicles Costing Almost The Same
We think this is bound to happen. Technology will develop, and India will start manufacturing Lithium-ion batteries as demand increases. This will eventually lead to a reduction in prices of electric vehicles. Having said that, we're not very impressed that the NITI Aayog just discovered what we've been saying all along. They should concentrate on step one for now — get people to start buying electrics, instead of telling the world prices will come down eventually!