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Electric vehicles have been considered as a viable solution to combat the major global issues of increasing energy demands and environmental pollution, and hence are being promoted unceasingly across the world. Several fiscal and non-fiscal policy measures have been proposed and implemented by the Governments to enhance the market share of electric vehicles (EV) significantly. However, their efficacy is subjected to various control parametric scenarios. In India, the EV market is still in its initial stage and has significant acceleration potential. The present work investigates the effectiveness of various state-level promotional schemes in India empirically, using static regression panel data modeling methods. Based on the econometric analysis, the fiscal incentive policy in terms of favorable purchase subsidies and scrapping incentives is reported to be more influential on the consumer side in promoting EV diffusion to the Indian market. Effective charging infrastructure development is also an important aspect to have supportive space in Government monetary support policies. However, policies regarding favorable energy tariff have not been proved so effective at this stage; hence, it is recommended to get reviewed. Further, out of several control factors, literacy rate is observed to be the most influencing factor for significant shift of potential consumer toward adoption of electric vehicles over corresponding conventional alternatives. |
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