To support the budding EV segment, Tata Power has announced plans to increase the number of its electric vehicle charging stations in the country to 700 by the end of FY2021. Tata Power currently has installed 170 fast and smart-charging points through its EZ charge network in more than 20 cities including Delhi, Bangalore, Mumbai, Hyderabad and Pune.
Tata Power is a part of Tata uniEVerse, a complete e-mobility ecosystem that comprises several Tata Group companies, working together to cater to mobility demands. CEO & MD, Tata Power, Praveer Sinha has stated that Tata Power is sure that India’s shift to clean mobility is inevitable despite the slump in the Indian automotive sector. He further said that the favourable policy framework, domestic demand for clean mobility solutions and decreasing total cost of ownership of EVs are all strong signs for the shift towards EVs in India.
Tata Power is also looking to set up partnerships with several companies including metro rail authorities and municipal corporations besides shopping malls and cinema theatres for EV charging stations. It has signed MoUs with fuel companies like Hindustan Petroleum Indian Oil and Indraprastha Gas to install charging stations in their fuel stations. Recently the company announced a partnership with Jaguar Land Rover India for the installation of a fast-charging network ahead of the launch of Jaguar’s first electric vehicle, the i-Pace.
From the government side, the push for EVs has been encouraging. The GST rate on electric vehicles was brought down from the 12 per cent to 5 per cent last July. And if you take a loan to purchase electric vehicles, an income tax deduction of Rs 1.5 lakh on the interest paid can be availed. The budget also included the proposal to exempt custom duty on import of specific components and the FAME II scheme includes allocation of Rs 10,000 crore for EVs and includes solar storage batteries and charging infrastructure.
In 2019-20, 1.56 lakh electric vehicles were sold in India against 1.35 lakh in 2018-19, recording a 20% increase in sales.