The Indian government, in collaboration with automobile companies, is intensifying efforts to enhance electric vehicle (EV) adoption across the country. A significant stride in this direction is the introduction of a new incentive scheme aimed at amplifying the sales of electric two-wheelers and three-wheelers.

 

Key Highlights of the New EV Incentive Scheme:

  • Scheme Duration and Budget: Scheduled to run from April 2024 to July 2024, the scheme is backed by a substantial allocation of Rs 500 crore, underscoring the government’s commitment to accelerating India’s transition to e-mobility.

 

  • Financial Incentives: The scheme proposes financial aid of Rs 10,000 per electric two-wheeler, aiming to benefit around 3.3 lakh vehicles. Additionally, it offers Rs 25,000 for small three-wheelers and a significant Rs 50,000 for larger three-wheelers, enhancing the affordability of these eco-friendly vehicles.

 

  • FAME Scheme Continuation: This initiative is an extension of the incentives provided under the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which will continue to offer subsidies until March 31, 2024, or until the designated funds are depleted.

 

  • Collaboration with IIT Roorkee: Strengthening the innovation ecosystem, the Ministry of Heavy Industries has partnered with IIT Roorkee, signing a Memorandum of Understanding (MoU) to foster research and development in the electric vehicle sector. The project, with a total cost of Rs 24.66 crore, is set to receive a grant of Rs 19.87 crore from the Ministry, supplemented by contributions from industry stakeholders.

 

  • Industry Perspective: Ayush Lohia, CEO of Lohia Auto, views the E-Mobility Promotion Scheme 2024 as a pivotal opportunity for the electric vehicle industry’s expansion, anticipating a surge in demand for electric two-wheelers and three-wheelers.

 

Summary of Related News:

  • The scheme is designed to boost the adoption of electric two-wheelers and three-wheelers by providing substantial financial incentives.
  • The collaboration between the Ministry of Heavy Industries and IIT Roorkee aims to catalyze innovation and technological advancements in the electric vehicle industry.
  • Industry leaders, such as Ayush Lohia, acknowledge the scheme’s potential to significantly influence the electric vehicle market’s growth trajectory.

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