Just by this work the government will save Rs 1.2 lakh crore

India can save Rs 1.2 lakh crore of foreign exchange spent on oil imports by promoting electric two-wheelers. This has been said in a report of NITI Aayog. The report titled ‘Zero Emission Vehicles: Towards a Policy Framework’ states that India has a lot to gain in converting conventional fuel vehicles (internal combustion engine) to electric vehicles. This report was submitted to Prime Minister Narendra Modi during the global mobility conference ‘MOVE’.

NITI Aayog says that there are 170 million two-wheelers in the country and if each of these vehicles consumes about half a liter of petrol every day, then the total consumption is about 34 billion liters. According to the report, at Rs 70 per liter, it costs about Rs 2.4 lakh crore.

Now if it is assumed that the cost of imported crude oil, including taxes and other expenses, it works out to 50%, then we can save Rs 1.2 lakh crore worth of imported oil. It says that this can be achieved in the next five to seven years.

According to the report, this will require a policy framework with research that can encourage access to state-of-the-art technology. At the same time, there is a need for a coordinated effort on the part of the Indian industry in this regard.
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