The Impact of EVs on India’s Oil Imports: A Closer Look

[{"selector":"#anim-7a3d1612-7bd4-4c36-a2f4-fcdc931a5d6c","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-693c213f-521b-4797-a11e-5573489b27c0","keyframes":{"transform":["rotate(-270deg) translate3d(0px, 4847.86315%, 0) rotate(270deg)","rotate(-270deg) translate3d(0px, 0px, 0) rotate(270deg)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Reviewed by: Kranti Sampat Written by: Karuna Tejwani Credits: Freepik EV Spotlight

India’s Oil Import Dependency

[{"selector":"#anim-959d3c65-36ba-4127-99a9-2ba36b5585e3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f2a60a7d-ed9d-471f-abb8-2042a0d9455b","keyframes":{"transform":["translate3d(-116.609%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af4baf63-dd36-4a82-84a0-e209cea9bc6a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ae297a5-aace-4be3-a93c-d05e3e13e466","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4ace1735-4c5f-4a72-946b-3ee6f476702b","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-665575a4-0bf8-48f8-b5cf-145609853f5c","keyframes":{"transform":["translate3d(-402.10528%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-79cfd9c2-a08a-44d6-9ed1-2fa595c06737 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] India imports over 80% of its crude oil, making it one of the largest importers globally. This reliance on foreign oil strains the economy, with fluctuating global oil prices impacting inflation and trade deficits. An alternative, such as EVs, can relieve this economic burden. Credits: Canva

Exponential Growth of EV Sales

[{"selector":"#anim-26fc9fa4-8ffb-49e6-a194-cd44aad0efef","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fe24b426-29f2-49ca-9e1a-3ef65d5c97d7","keyframes":{"transform":["translate3d(125.95155%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3d1969ef-e82f-4127-8e82-1f27a30a52e1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-33e4b17b-a6d5-4e1a-9308-63688e028fa1","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3aa4a084-e2ab-475d-9686-5fe7e8705258","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-855b87be-1257-4d56-8723-45b9172c4700","keyframes":{"transform":["translate3d(100.67568%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-37579ad6-800f-4700-8a14-8785caa4fe00 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In the first half of 2024, India saw a significant 16% increase in EV registrations, with 8,42,396 EVs registered by July 8, 2024. This growth reflects the increasing consumer confidence in EVs and signals a positive shift toward reducing oil consumption on Indian roads. Credits: OLA, Instagram

How EVs Can Cut Oil Imports

[{"selector":"#anim-15a329de-cae9-43c5-a2a7-de5ce64ab322","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-444d3a16-2107-4f48-816c-864a1a0ac376","keyframes":{"transform":["translate3d(-116.609%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c036624c-6c22-49d8-9ac7-e27c205d0b8d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7caba0b3-7ff5-45c2-a4e8-aeabaea41563","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b4b0b9b4-b26e-458b-9196-8c026c15eb8b","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-190fa674-4a7b-4e07-ac2a-8db990cbe53e","keyframes":{"transform":["translate3d(-367.92448%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-323efc52-c55d-48d3-b36b-05bda1997bc6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Electric vehicles run on electricity rather than petroleum-based fuels, directly reducing the demand for gasoline and diesel. As the number of EVs on the road grows, India’s oil import bill is expected to shrink. Credits: Unsplash

Government Supporting EV Adoption

[{"selector":"#anim-3855b7b8-37bd-4175-b275-7ae9cdedb00d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f74d1082-36c3-4a5e-a9f5-3024f1b4eec4","keyframes":{"transform":["translate3d(115.92356%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d62274ff-25e1-4b66-be59-7533bff7190f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e9694a23-54d9-488b-a5d2-d38bdb1ef79d","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-250ab1ca-1c00-48cc-9d02-0476f84c1375","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a25969fa-0e63-4443-b429-d7d8f933dd3e","keyframes":{"transform":["translate3d(120.75469%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-42b92be7-6184-4368-9066-e5fb5edf738a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Indian government has rolled out several policies to boost EV adoption, such as the FAME India Scheme, which supports the electrification of public and shared transportation. Initiatives like these are critical in reducing oil consumption. Credits: Unsplash

E-Vehicle Policy

[{"selector":"#anim-dc8a395d-a74c-413b-970d-ca177e0ef468","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4072c0f7-af2a-4e0b-96d0-aa76f1214324","keyframes":{"transform":["translate3d(-116.609%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0b1b3791-4365-4852-b1a8-76ce4098be35","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6f1818d7-9cd8-4062-920f-44b0cba4af59","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-224b3cf5-b6f8-438f-ad40-5fcf18053433","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-db906019-fa22-4996-8ea1-292811771579","keyframes":{"transform":["translate3d(-367.92448%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e1f4667d-e112-4773-8ce1-c618bc1d7fb8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The 2024 E-Vehicle Policy encourages domestic EV manufacturing, aiming to reduce oil imports, align with the ‘Make in India’ mission, and position India as a global leader in electric vehicle production. Credits: Canva

Impact of Charging Infrastructure

[{"selector":"#anim-0d5c98ca-b643-4f06-bd0b-6f3173ba205b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a55e48a5-3152-462e-95ff-5e13a5b6e0d6","keyframes":{"transform":["translate3d(125.95155%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-14e434a9-d99f-489a-b583-82d23a786c5a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f5b930a-8a97-4ffa-9ed3-546e07691e75","keyframes":{"transform":["translate3d(115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fd90a5ba-3a68-4196-9c1f-80256065683b","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4131cc1e-00ba-48dc-bbfd-7fbdd925c6a7","keyframes":{"transform":["translate3d(120.75469%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-45aaf5e4-7fad-4b90-abc0-12922cc4dce4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] India now has over 16,344 public charging stations and 10,756 fast-charging points as of June 2024. Expanding charging infrastructure is vital for accelerating EV adoption and cutting oil consumption. Credits: Canva

Production Linked Incentive Schemes

[{"selector":"#anim-fe841d1a-ee65-4982-bb80-87b96868b4ed","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a419b043-d291-4116-882b-598785f7e021","keyframes":{"transform":["translate3d(-115.09434%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d6fef2e7-a6df-462f-9b7d-2ff1a970837c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bb5c3671-6630-4c6f-af96-eb780b61786d","keyframes":{"transform":["translate3d(-115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-27f6dd50-5b3f-429f-beef-e0ba0d30c3b5","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b3ef5c42-8353-4bb4-9773-82ad1604ea12","keyframes":{"transform":["translate3d(-367.92448%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3e78e137-4d19-4ad7-9865-545d82c40913 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] PLI schemes for battery manufacturing and the automotive sector incentivize local EV production, helping reduce costs, promoting adoption, and lowering the demand for imported oil by fostering electric mobility. Credits: Unsplash

Economic Benefits of EV Adoption

[{"selector":"#anim-3bdb799c-bcf1-4a4c-ab0a-a2ba61e575b1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-313d4333-00af-458e-aa1f-47fe7799eeab","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8670afcc-8aed-4155-acf8-f7b411d55cca","keyframes":{"transform":["translate3d(125.95155%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e91af82f-37b0-49df-8075-7eaeb017ef6b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f2704a1-2b82-44f4-9666-af2017c4473d","keyframes":{"transform":["translate3d(114.87342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ec054ac0-3e63-45ba-b874-d85ab2136b98","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72cb2c38-ff08-42a2-8067-b0b0b139c05b","keyframes":{"transform":["translate3d(120.75469%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Widespread EV adoption reduces oil imports, creates jobs in the EV sector, and boosts innovation, contributing to economic growth while lowering trade deficits and redirecting funds to key sectors. Credits: Unsplash

Environmental and Health Impact

[{"selector":"#anim-fc526455-4486-4319-bc10-33bec0e47164","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-36553b8b-6b06-4b12-8f3b-86989e005b43","keyframes":{"transform":["translate3d(125.95155%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-004d5a51-e2b3-4836-8b21-7e43caf01267","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9fd4b984-6677-4d24-b042-5ff605cb2410","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d64a1bc9-bd14-41ac-96e3-51d3fcd2ac60","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-abd9763a-b748-40bd-8713-21df3e508949","keyframes":{"transform":["translate3d(120.75469%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4f3834f0-2709-4b00-b284-7eaf7f396474 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] EVs help reduce air pollution by cutting tailpipe emissions, especially in urban areas. This leads to significant health benefits, improving air quality and addressing public health concerns related to pollution. Credits: Canva

What Will be the Future of EVs in India by 2025?

[{"selector":"#anim-b441523d-8e7a-4da9-a684-e43a354cb7e0","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Thanks for Reading Read Now