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EV Market – the next big thing?


“The Earth will not continue to offer its harvest, except with faithful stewardship. We cannot say we love the land and then take steps to destroy it for use by future generations.”

—John Paul II


Kindness, compassion, and empathy have always nurtured relationships with people around us. These virtues are also what we need to display when it comes to nurturing our relationship with the Earth that we live in and with the ecosystems around us. With the world on an alert because of increased levels of ozone depletion, global warming, and greenhouse gasses, individuals are migrating towards environmentally friendly lifestyles which include a mode of transportation that is compassionate towards the environment. 


The boom of the EV did not happen overnight, and it will not halt anytime soon. The need for EVs has always gnawed at the environmentalists for the longest time but today, the industry has taken off and how. It is reported that the industry is set to grow and reach a valuation of $15, 398 billion by 2027 from $1, 435 billion in 2021. The Indian EV Market has grown tremendously as compared to the other global EV markets. The increasing demand for electric mobility will significantly increase the demand for electricity which would help with the establishment of a renewable energy division in the transport sector. 


Rebates on the interest paid on a loan for an Electric vehicle have also attracted the interest of the Indian tax savers. EV companies have received a huge boost from the government with the introduction of the FAME I and II schemes, the enhancement of e-charging infrastructure, reduction of Goods and Services Tax (GST) on EV purchases, and offering Rs 10,000 crore worth of subsidies. Government schemes, subsidies, and initiatives have led to the growth of EV startups with major investments in the sector by venture capitalists and private equity players. 


Electric vehicles are surely the next best thing with more and more people migrating towards environmentally friendly options amidst the global environmental crisis. 

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