EVs not for india- loss of huge revenue from taxes?

It is true that one of the main source of revenue of indian govt is taxes on petrol and diesel. Currently central and state govt gets around Rs.35 and Rs.25 per litre of taxes in petrol and diesel and any significant drop in consumption will reduce the  govt tax kitty substantially. On the other side side is the benefit of reducing the burden of foreign exchange outflow hovering around 100billion dollar (6.5 lac crore) a year. Between the two options it’ll be prudent for the govt to cut import bill as there are alternates available to bridge the gap of drop in taxes due to reduced consumption.