Hybrid Car: Can Government Subsidies Drive Sales?
The government of India is taking significant steps in revolutionizing mobility and transforming the automobile industry. At the G20 summit in New Delhi, Prime Minister Modi recently announced making India net-zero emissions by 2030. Hence, to meet the target, India is now on the path of initiating biofuel. EVs and Hybrid vehicles have captured a considerable market in India for quite some time. Nevertheless, it has become a struggle to introduce four-wheelers in this sector.
Since 2018, EVs and hybrid two-wheelers have been in the market and have survived, as the government provides some relief and incentives to both the manufacturers and the consumers. Now that Hybrid Car e20 is becoming a future-oriented fuel for the near future, building infrastructure and restructuring fuel stations is quite a challenge. Nevertheless, the government is putting its best foot forward to accomplish its target of 2025.
In addition, schemes like FAME have considerably benefitted the manufacturers and the consumers, but it is limited to two-wheelers. To make India carbon-free, the government needs to take the initiative to make hybrid cars more viable by reducing taxes and giving out additional benefits. The GST and other road taxes are the same as for petrol and diesel vehicles. Therefore, India must formulate better incentive schemes for car buyers and offers to exchange their old vehicles to counter such global issues.
Nitin Gadkari, the Road Transport and Highway Minister, said in an interview when asked about subsidies and incentives for hybrid vehicles, “I am with you; this is very important. For Hybrid technology, I am trying my best to convince the Finance Ministry. That we somehow need to support that in the interest of reducing pollution”.
We have also witnessed in recent times how the Indian government is focusing on producing renewable energy and encouraging farmers and others to produce ethanol to make e20 a success. Furthermore, India aims to become a global supplier and advance India economically. This will help reduce India’s reliance on Gulf countries and establish it as a significant global supplier.
As per recent reports, the Indian government is currently gathering feedback from industry stakeholders for developing the FAME III scheme. This scheme will focus on expanding the current Faster Adoption and Manufacturing of Hybrid and Electric Vehicles initiative and may likely include alternative fuel vehicles.
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