New Delhi:
In a move to promote the adoption of electric vehicles (EVs) across the country, the central government has introduced a new scheme aimed at boosting the sales of electric two-wheelers and three-wheelers.
With an allocated budget of Rs 500 crore, this scheme, set to run from April 2024 to July 2024,
aims to incentivize the purchase of battery-powered vehicles and accelerate the transition towards sustainable mobility.
Financial Assistance Details
Under this scheme, individuals purchasing electric two-wheelers will receive a subsidy of Rs 10,000 per vehicle,
with the goal of assisting 3.3 lakh two-wheeler buyers.
Additionally, subsidies of Rs 25,000 and Rs 50,000 will be provided for the purchase of small and large three-wheelers (e-rickshaws and e-carts), respectively.
Over 31,000 small three-wheelers and an unspecified number of large three-wheelers are expected to benefit from these incentives.
FAME Scheme Extension
The subsidies provided under this scheme will fall under the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program,
which is set to conclude on March 31, 2024, or until funds are exhausted.
Collaborative Efforts for Innovation
In a collaborative effort to promote innovation in the automotive and EV sector, the Ministry of Heavy Industries (MHI) and IIT Roorkee have signed a Memorandum of Understanding (MoU).
With a total project cost of Rs 24.66 crore, including a grant of Rs 19.87 crore from the Ministry and a contribution of Rs 4.78 crore from industry partners, this initiative aims to drive advancements in the electric vehicle industry.
Industry Perspectives
Ayush Lohia, CEO of Lohia Auto, sees the E-Mobility Promotion Scheme 2024 as a significant opportunity to foster growth in the electric vehicle industry.
With subsidies of up to Rs 25,000 and Rs 50,000 for small and large three-wheelers, respectively, the scheme is expected to stimulate demand and accelerate the adoption of electric vehicles, presenting a promising outlook for the industry’s future.
Take advantage of these subsidies and join the movement towards a greener and more sustainable future with electric vehicles!
