In a concerted effort to accelerate the adoption of electric vehicles (EVs) in India, the government has announced a pioneering scheme aimed at bolstering the sales of electric two-wheelers and three-wheelers. With a substantial budget allocation of Rs 500 crore, this initiative underscores the nation’s commitment to fostering a greener, more sustainable transportation ecosystem.
Key Highlights of the New EV Incentive Scheme:
- Duration and Budget: Spanning from April 2024 to July 2024, the scheme is poised to inject momentum into the EV market with its significant financial backing.
- Financial Incentives: Offering financial aid of Rs 10,000 per electric two-wheeler and Rs 25,000 for small three-wheelers, alongside a generous Rs 50,000 for larger three-wheelers, the scheme aims to make EVs more accessible and affordable for consumers.
- FAME Scheme Continuation: Building upon the foundation laid by the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, this initiative extends the legacy of incentivizing EV adoption, ensuring continuity in government support.
- Collaboration with IIT Roorkee: In a bid to spur innovation and R&D in the EV sector, the Ministry of Heavy Industries has forged a strategic partnership with IIT Roorkee. This collaborative endeavor, backed by substantial funding, aims to drive technological advancements and breakthroughs in electric mobility.
- Industry Perspective: Industry stalwarts, including Ayush Lohia, CEO of Lohia Auto, view the E-Mobility Promotion Scheme 2024 as a transformative opportunity for the electric vehicle sector. Anticipating a surge in demand, industry players stand poised to leverage the scheme’s benefits to fuel the industry’s growth trajectory.
In Shorts:
- The new scheme aims to accelerate electric 2-wheeler and 3-wheeler adoption through substantial financial incentives.
- Collaboration between the government and IIT Roorkee seeks to drive innovation and technological progress in the EV industry.
- Industry leaders, such as Ayush Lohia, foresee significant market growth driven by the scheme’s implementation.
