There will be a subsidy for electric vehicles
Are you also thinking of buying a new motorcycle, scooter or car during the festival season? Then you can also think about purchasing the electric option. The good thing about this is that the government has started a new subsidy scheme for electric vehicles. The government on Tuesday launched the PM E-Drive scheme, under which people will get the benefit of subsidy for electric vehicles and get the car at a cheaper price.
The government has set a target of spending Rs 10,900 crore at the initial level for the PM e-Drive scheme. The objective of this plan is to accelerate the adoption of electric vehicles in India, establish charging infrastructure and develop the electric vehicle manufacturing ecosystem.
The benefit will be available until March 31, 2026.
This regime will be applicable from October 1, 2024 to March 31, 2026, that is, you will continue to obtain exemption from subsidies for electric vehicles until 2026. Although you will not obtain this subsidy directly, but the government will grant it to electric vehicle companies and then those companies will give you the benefit of the subsidy in the form of price reduction. Along with this, EMPS-2024 (Electric Mobility Promotion Scheme), which will be implemented from April 1, 2024 to September 30, 2024, will be included in the PM e-Drive scheme.
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How much subsidy will electric 2 wheelers be available?
Under the PM e-Drive scheme, the subsidy for electric two-wheelers has been fixed at Rs 5,000 per kilowatt hour, depending on the battery power. In the second year of the plan, it will be halved to Rs 2,500 per kilowatt hour. In this way, the total profit will not exceed Rs 5,000. Currently, the battery capacity of companies like Ola, TVS, Ather Energy, Hero Vida (Hero MotoCorp) and Chetak Bajaj ranges between 2.88 and four kilowatt hours. It is priced between Rs 90,000 and Rs 1.5 lakh.
Presenting the plan, Ministry of Heavy Industries Additional Secretary Hanif Qureshi said that a mobile application will be introduced to make the entire process seamless. Through this, an electronic voucher can be created to obtain the subsidy from the plan. He said one vehicle will be allowed per base. As soon as the vehicle is sold, your e-voucher will be ready.
Will there be a subsidy available for these vehicles as well?
Under the PM e-Drive scheme, a subsidy of Rs 3,679 crore has been provided to encourage e-2W, e-3W, e-ambulance, e-truck and other electric vehicles. Subsidy will be provided for 24.79 lakh electric two-wheelers (E-2W), 3.16 lakh electric three-wheelers (E-3W) and 14,028 electric buses. Three-wheelers, including e-rickshaws, will get an incentive of Rs 25,000 in the first year, which will be halved to Rs 12,500 in the second year.
