Change In Demand For Electric Vehicles In India With Reference To Union Budget 2023-‘24

Description

Electric Vehicles (EVs) represent a transformative shift in the automotive industry, offering a sustainable and environmentally friendly alternative to traditional combustion engine vehicles. The increasing global concern over climate change and air pollution has propelled the growth of EVs, driven by advancements in battery technology, government incentives, and a growing emphasis on renewable energy sources. This research investigates the dynamic landscape of the electric vehicle (EV) market in response to the policies outlined in the Union Budget of 2023-’24. Focusing on the fiscal measures and incentives introduced, I aim to discern the nuanced changes in consumer behavior and demand patterns within the EV sector. Employing a combination of quantitative analysis and market surveys, my study seeks to unravel the key factors influencing the adoption of electric vehicles post the Union Budget 2023-’24. The findings from this research will contribute valuable insights to policymakers, industry stakeholders, and researchers alike, aiding in a comprehensive understanding of the evolving dynamics of the electric vehicle market in the context of government fiscal interventions.