As the festive season kicks off in India, starting with Navratri on October 3, a major announcement is expected for the electric vehicle (EV) industry. According to Zee Business, a new EV policy aimed at promoting electric vehicle adoption could be launched before Navratri. This new scheme will be separate from the current FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme and is expected to boost EV adoption with a focus on long-term growth.
New Scheme Highlights:
- The new scheme is likely to promote EV adoption and focus on developing the EV infrastructure such as charging stations, battery swapping, and battery production.
- A meeting is expected to be held soon at the Prime Minister’s Office (PMO) to finalize allocation, regulations, and other important aspects of the scheme.
- The scheme could come with a budget allocation of over ₹10,000 crore, significantly boosting the EV ecosystem.
Expected Discounts on EVs During the Festive Season
With the launch of this new scheme, electric vehicle buyers could see significant discounts on the market price of popular electric two-wheelers and cars. Here’s an estimation of the possible discounts and price reductions that might come into effect:
| EV Model | Current Price (Approx.) | Estimated Discount (%) | Expected Price After Discount |
|---|---|---|---|
| Ather 450X | ₹1.35 lakh | 10-15% | ₹1.15 – ₹1.21 lakh |
| Ola S1 Pro | ₹1.40 lakh | 12-18% | ₹1.15 – ₹1.23 lakh |
| TVS iQube | ₹1.25 lakh | 10-15% | ₹1.06 – ₹1.12 lakh |
| Bajaj Chetak | ₹1.28 lakh | 8-12% | ₹1.12 – ₹1.18 lakh |
| Tata Nexon EV Prime | ₹14.74 lakh | 5-10% | ₹13.26 – ₹14.00 lakh |
| MG ZS EV | ₹23.38 lakh | 4-8% | ₹21.52 – ₹22.42 lakh |
| Hyundai Kona Electric | ₹23.84 lakh | 6-9% | ₹21.70 – ₹22.40 lakh |
Key Features of the New EV Scheme
- Long-Term Focus: The new policy is expected to have a long-term vision, focusing not only on promoting electric vehicles but also on building the entire EV ecosystem.
- EV Infrastructure Development: Special emphasis will be placed on expanding charging infrastructure, battery swapping stations, and promoting battery production and recycling.
- Replacement for EMPS: With the Electric Mobility Promotion Scheme (EMPS) 2024 ending on September 30, the new scheme will replace it and likely offer additional benefits and incentives to both manufacturers and consumers.
Government’s Commitment
Minister for Heavy Industries, HD Kumaraswamy, emphasized the government’s commitment to realizing the vision of a developed and self-reliant India. He stated that the government is focused on not just promoting electric vehicles, but expanding the entire EV ecosystem. This includes initiatives around charging infrastructure, battery production, and recycling.
What to Expect
- Discounts & Incentives: With the new policy, buyers could benefit from substantial discounts on EV purchases, particularly during the festive season, when EV companies are likely to introduce additional promotional offers.
- Improved EV Infrastructure: The focus will also be on improving the EV infrastructure, making it easier for consumers to adopt electric vehicles without concerns about charging facilities or battery performance.
Conclusion
The upcoming EV policy is expected to bring good news for potential buyers and the industry as a whole, with attractive discounts and a more robust infrastructure. The festive season is likely to see a surge in EV sales, with major discounts on popular electric bikes and cars, making it a great time to consider switching to an electric vehicle.
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