It's raining incentives for electric vehicles

It's raining incentives for electric vehicles
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New Delhi: The government has announced an outlay of Rs 9,634 crore for the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme aimed at boosting electric vehicles.

Out of this, Rs 8,596 crore has been set aside for providing incentives for electric vehicles. More than 15 lakh vehicles will get the benefits during the second phase which will be rolled out in three years.

A special committee under the leadership of the secretary of the Union ministry of heavy industries has been set up to execute the project. The committee will decide how to allot the funds and other details.

Apart from providing a subsidy while buying the electric vehicle, the committee will also consider providing lower registration rates, parking fees and toll rates to electric vehicles. The benefits will be provided only to electric two-wheelers, three-wheelers and buses that are registered under the motor vehicles act.

At the same time, along with the electric vehicles, hybrid cars that use petrol/diesel engines too have been included in the project. If the first phase focused on providing subsidy to vehicles, the second phase will see the setting up of charging stations and related infrastructure developments. The committee has the powers to alter the incentives structure in case there are changes in market dynamics of batteries.

The incentives

Subsidy - Rs 8,596 crore

To set up charging facilities - Rs 1,000 crore

Publicity - Rs 38 crore

Two-wheelers

10 lakh vehicles will get the benefits

Battery size - 2 kW

Subsidy - Rs 20,000

Maximum cost of the vehicle - Rs 1.5 lakh

E-rickshaws (three-wheelers)

Five lakh vehicles will get the benefits

Battery size - 5kW

Subsidy - Rs 50,000

Maximum cost of the vehicle - Rs 5 lakh

Four-wheel vehicles

35,000 vehicles will get the benefits

Battery size - Rs 15kW

Subsidy - Rs 1.5 lakh

Maximum cost of the vehicle - Rs 15 lakh

Four-wheel hybrid vehicles

20,000 vehicles will get the benefits

Battery size - 1.3kW

Subsidy - Rs 13,000

Maximum cost of the vehicle - Rs 15 lakh

E-bus

7090 buses will get the benefits

Battery size - 250kW

Subsidy - Rs 50 lakh

Maximum cost of the vehicle - Rs 2 crore

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