India has made progress in electrifying rail transport and two-wheelers, but commercial electric vehicles (EVs) like trucks and buses are in early stages. Professors Karthik Atmanathan and C S Shankar Ram from IIT Madras highlight that trucks and buses should be prioritized as they consume a substantial amount of imported fuel, impacting energy security and pollution.
While electric truck technology is mature, adoption requires financial support, resale-value risk cover, and charging infrastructure. The Indian government is introducing schemes, including loan risk cover and interest subsidies, to encourage EV truck financing. Experts note that the focus on these larger vehicles is crucial for national interest, with policies for electric cars expected in the coming years.
Studies indicate rapid growth for battery electric trucks in India, with a growing number already in operation. The development of a second-hand market is considered key to overcoming current financing challenges for lenders, fostering wider adoption.
Source: Down To Earth