Electric Vehicles (EV) Schemes across India 2024: All you need to know

Remarkably, the Indian electrical conveyance marketplace is experiencing accelerated expansion, with income reaching 1,752,406 units successful FY2024, representing an awesome year-on-year maturation of 40.31% compared to the erstwhile fiscal year, according to JMK Research & Analytics.

As the Indian government, some astatine the cardinal and authorities levels has implemented assorted schemes to beforehand electrical conveyance (EV) adoption, here’s each you request to know.

i. PM Electric Drive Revolution successful Innovative Vehicle Enhancement (PM E-Drive):

On October 1, 2024, the authorities commenced the PM E-Drive electrical conveyance subsidy strategy offering upfront incentives for acquisition and supporting the installation of captious EV charging infrastructure.

It is offering Rs 3,679 crore successful subsidies and request incentives to accelerate the adoption of electrical two-wheelers, three-wheelers, e-ambulances, e-trucks, and different emerging EVs.

It has replaced erstwhile flagship initiatives specified arsenic the Faster Adoption and Manufacturing of Electric Vehicles (FAME) policy, which expired successful March, and the three-month Electric Mobility Promotion Scheme (EMPS), which ended connected September 30, 2024.

This caller inaugural would money 24.79 lakh electrical two-wheelers, 3.16 lakh electrical three-wheelers, and 14,028 e-buses, with Rs 500 crore for the wide budget for e-ambulances, successful summation to Rs 4,391 crore being allocated for purchase.

How does PM E-Drive work?

Convenience Energy Services Limited volition supply upfront incentives facilitating the constitution of indispensable charging infrastructure successful 9 cities— Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Surat, Bengaluru, Pune, and Hyderabad, and supporting intercity and interstate e-buses successful consultation with states.

One tin get the e-vouchers which request to beryllium signed by the purchaser submitted to the trader and uploaded connected the PM E-DRIVE portal via: https://pmedrive.heavyindustries.gov.in/

ii. e-AMRIT:

India launched ‘E-Amrit’, a web portal connected electrical vehicles (EVs) astatine the COP26 Summit successful Glasgow.

Developed by NITI Aayog, the portal provides accusation connected EV adoption, purchase, concern opportunities, policies, and subsidies.

Additionally, it complements the UK government’s initiatives to rise consciousness and sensitise consumers to EV benefits.

One tin sojourn the authoritative portal: https://www.india.gov.in/spotlight/e-amrit-accelerated-e-mobility-revolution-indias-transportation to question each the accusation astir EVs successful India.

iii. States providing EV Subsidy:

According to Niti Aayog and Writ India, astir ₹7,000 crore of acquisition EV subsidies is offered by states crossed India; find the array beneath to cognize the magnitude provided:

Source: Niti Aayog

Telangana:

• Offers 100% exemption connected roadworthy taxation for 200,000 electrical two-wheelers (E-2Ws), 20,000 electrical three-wheelers (E-3Ws), 5,000 electrical four-wheelers (E-4Ws), and 500 electrical buses.
• Provides a retrofitting inducement of 15% of the retrofitting cost, capped astatine ₹15,000 per vehicle, for 5,000 e-autos.

Delhi:

• The Delhi authorities introduced the Delhi Electric Vehicle Policy successful August 2020 to accelerate the modulation to battery-electric vehicles.
• Grants a scrapping inducement of ₹5,000 for electrical two-wheelers (E-2Ws) and ₹7,500 for electrical three-wheelers (E-3Ws).
• Offers an involvement subvention of 5% for commercialized E-3Ws, e-carts, and e-carriers for loans from the Delhi Finance Corporation (DFC) and different approved concern providers.

Odisha: Implemented an unfastened licence strategy for electrical autos.

Punjab: Proposed the constitution of peculiar greenish zones successful targeted cities to beforehand e-mobility initiatives.

Bihar: Provided toll interest waivers for electrical vehicles (EVs) connected prime authorities highways.

*Inputs from Niti Aayog’s PPT ‘Overview of State Electric Vehicle Policies’*