New Subsidy Scheme for Electric Vehicles Announced by Government
The Indian government has announced a new subsidy scheme to boost the sale of electric two-wheelers and three-wheelers. The new policy, expected to be implemented from April 1, includes a 500 crore rupee plan to make electric vehicles more affordable. The scheme is part of the government’s electric mobility production scheme to encourage the uptake of electric vehicles in the country.
New Funding for Electric Vehicle Sector
India’s largest industry minister, Mahendranath Pandey, revealed that the scheme includes an allocation of 500 crore rupees. Additionally, the government has allocated two schemes in February 2024 to boost the growing electric two-wheeler sector in the country. These schemes have an allocation of 11,500 crore rupees. This subsidy will be available on all electric cars sold until March 31.
Additional Subsidies for Electric Vehicles
Under the FAME India scheme, the subsidy for electric two-wheelers and three-wheelers has been revised to 7048 crore rupees. Additionally, 4028 crore rupees have been allocated. The government is also encouraging the production of parts for electric vehicles to further boost their adoption.
Increasing Demand for Electric Vehicles
The demand for electric vehicles is significantly increasing. Considering this growing demand, 1.02 million electric two-wheelers will be launched next year. The government’s heavy discount on electric vehicles is expected to further encourage consumers to switch to electric vehicles.
- The Indian government has announced a new subsidy scheme of 500 crore rupees to encourage the sale of electric two-wheelers and three-wheelers.
- The scheme will be implemented from April 1 as part of the government’s electric mobility production scheme.
- India’s largest industry minister, Mahendranath Pandey, revealed that an additional 11,500 crore rupees have been allocated to further boost the electric two-wheeler sector.
- The FAME India scheme has revised the subsidy for electric two-wheelers and three-wheelers to 7048 crore rupees, with an additional 4028 crore rupees allocated.
- With the growing demand for electric vehicles, the government plans to launch 1.02 million electric two-wheelers next year.
