By: Sameer Aggarwal, CEO & Founder, RevFin Services
June 5th marks World Environment Day, a global initiative that urges individuals, businesses, and governments to take action and address pressing environmental challenges. As we celebrate this significant day, it is crucial to recognize the progress being made towards a sustainable future, particularly in the realm of electric vehicles (EVs). The gradual increase in the adoption of EVs signifies the acceptance among customers about the benefits of buying an EV and their consciousness towards climate concerns.
The last few years have witnessed a remarkable surge in EV sales, indicating a promising shift towards clean energy technologies. In April 2023, EV retail sales in India reached an impressive figure of 109,283 units, reflecting a 41% year-on-year increase compared to April 2022. Furthermore, the fiscal year 2023 witnessed over 1,181,734 retail sales, surpassing the million milestone for the first time and accounting for 30.37% of the total auto sales of over 3.89 million units.
One of the driving forces behind this positive trend is the government’s initiatives to promote domestic manufacturing and encourage the adoption of EVs. The Production Linked Incentive (PLI) scheme, with a budgetary outlay of Rs 25,938 crore, has incentivized the local production of EVs in the automotive sector. Additionally, the ‘Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME-II) scheme’ has been extended until March 2024, providing further support for EV adoption.
In this journey towards a greener India, RevFin Services, India’s largest electric vehicle-focused fintech platform, has been playing a pivotal role. Committed to ecosystem enablement and enhancing adoption, RevFin has been instrumental in easing the accessibility to finance for EVs, particularly among the under-banked and underserved segments of society.
RevFin’s contribution to reducing carbon emissions is commendable. Through the EVs it has financed, RevFin has already helped in the reduction of 30,486 metric tons of CO2 emissions. Every passing minute, this emission abatement continues to grow, further solidifying RevFin’s commitment to a sustainable future. Moreover, the EVs financed by RevFin have collectively covered over 305 million green kilometers, making a significant impact on reducing pollution and promoting cleaner transportation.
By enabling individuals to embrace EVs, RevFin is not only empowering them financially but also contributing to the larger cause of environmental conservation. Through RevFin’s services, more people can afford to make the switch to electric vehicles, reducing their carbon footprint and embracing a greener lifestyle.
RevFin’s dedication to the environment extends beyond financing. The platform also actively supports awareness campaigns and initiatives aimed at educating the masses about the benefits of EVs and the importance of sustainable living. By fostering a sense of responsibility towards the environment, RevFin is inspiring a collective effort to build a greener, more sustainable India.
As we commemorate World Environment Day, let us celebrate the progress we have made in the adoption of electric vehicles and the conscious choices individuals and businesses are making towards a cleaner future. RevFin Services continues to champion the cause of enhancing EV adoption, enabling financial inclusivity, and driving a greener India. Together, let us create a world where sustainability and economic growth go hand in hand.
Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.
One of the driving forces behind this positive trend is the government’s initiatives to promote domestic manufacturing and encourage the adoption of EVs.
