Electric Vehicles: A Catalyst for Economic Growth in India

Abstract

On a global level, environmental contamination is currently a big concern. Toxic emissions from internal gasoline engines, such as greenhouse gases, are the leading causes of air pollution. Both at National and international level, efforts are undertaken to mitigate the increase in greenhouse gas concentration, carbon credits and carbon markets are a part of the way forward. Electric vehicles (EVs) widely marketed around the worldwide to reduce carbon emissions and reduce the effect of fossil fuel emissions and solve environmental problems (EC) by trading carbon credits universally. Different governments are enticing individuals to switch to EV’s by providing incentives for doing so. By reviewing past studies, electric vehicle infrastructure setup will initially charge high cost, the shortage of charging stations, and concerns about time and finances are obstacles to public acceptance. At the same, if it will be successfully set up then it will give better opportunities to the Indian economy. By 2030, the Indian government’s goal is the majority of electric vehicles on the road. This paper aims to examine the carbon exchange market and the scenario of EVs in India. This review attempts to present an in-depth review of the methodologies, theories, and variables used in various peer-reviewed articles and papers published between 2010 and 2022 covering the main forms of Electric Vehicles acceptance, including government initiatives and economic development. The results of the study emphasize that India is now in a developing stage, where government rules play a vital role in promoting the preference for EVs by enabling policies to stimulate the development of the charging infrastructure network. This becomes necessary to adapt it to the unique Indian transportation environment and to build capacity among stakeholders in order to enable its on-the-ground expansion. To ensure the effective and timely deployment of EV charging infrastructure, a contextual strategy is required. As a result, individuals get used to driving electric cars more frequently and are able to provide significantly lower carbon emissions.