Research on Impact of EV on Oil Industry and Power Grid

Research on Impact of EV on Oil Industry and Power Grid

Dr. Kiran Kumar M, Latesh N, Preetha V, Sharan R, Shreyas Mohan

Assistant Professor (Guide), MBA Student- Finance, MBA Student- Finance, MBA Student- Finance, MBA Student- Finance

Kiranm287@gmail.com, latesh_n23@cms.ac.in, preetha_v23@cms.ac.in,sharan_r23@cms.ac.in shreyas_mohan23@cms.ac.in

Faculty of Management Studies, CMS B School, Jain (Deemed-to-be university), Bangalore.

ABSTRACT

The increasing trend of electric vehicles (EVs) is set to redefine energy use contrary to long-held consumption patterns for the oil and gas industry and power structures in developing countries such as India. Since the Indian automotive market is one of the biggest and most dynamically growing sales markets, this country will be among the leaders in both driving the change and responding to it in the future, which may be both a threat and an opportunity in several key sectors. Currently, India is one of the leading countries adopting the usage of EV’s with the stated goal of having these vehicles constitute 30% of country’s overall vehicle sales by the year 2030. This target is in tune with the overall objectives of the nation in combating carbon emissions, boosting energy security and moving away from a major trade disadvantage namely oil imports.

Keywords: GDP growth, inflation, economic stability, India, macroeconomic policy