Subsidy upto Rs. 50 lakhs for buying an Electric vehicles in India, Central Govt Policy 2018!Rohit Arora
As part of a Rs 9,400-crore package for hybrid vehicles and Electric Vehicles in India, the government may offer incentives of up to Rs 2.5 lakh to those scrapping old petrol- or diesel-fired vehicles along with sops for investment to manufacture parts such as motors in the country.
What this subsidy means is that electric car buyers will get a rebate of up to Rs. 2 lakh from the government, which wants more people to buy electric cars rather than the ones running on petrol or diesel. The Indian government also plans to support electric two-wheelers by offering a rebate of up to Rs. 30,000, on purchase, to buyers. However, these rebates do come with terms and conditions.
The same sops will be available to individuals buying electric cars provided theyscrap their pre-BS III vehicles + and get a certificate from the approved scrapping centre, sources told TOI.
While the sops for passenger vehicles and two-wheelers are expected to cost around Rs 1,500 crore over the next five years, around Rs 1,000 crore spending is planned to set up charging stations across the country.
According to the proposal circulated by the department of heavy industries (DHI), at least one charging point is planned every 9 sq km in all metros, million-plus cities and identified smart cities while a charging station on both sides of the highway is planned every 25 km along the Delhi-Jaipur, Delhi-Chandigarh, Chennai-Bengaluru and Mumbai-Pune stretches.
One of the major focus areas of phase-II of Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles (FAME) will be on public and intermediary transport, which include taxis and three-wheelers. The plan awaiting the government approval is expected to come as a major setback to the automobile industry, which wanted sops for all types of electric vehicles in India. The industry is working out its strategy based on the assumption that the government will offer incentives to make electric vehicles more attractive.
The demand incentive will cover a little over five lakh electric vehicles and over 80% of these will be twoand three-wheelers. The government plans to spend about Rs 5,800 crore to push demand for electric vehicles to “reduce the cost” of such vehicles to make them affordable.
For now, the electric car space in India has just two offerings, both from Mahindra Electric. The E2O 4-door is one such offering while the other is the eVerito. Tata Motors is likely to introduce the electric variants of the Tiago and Tigor soon. Next year, Hyundai plans to bring in the Kona Electric SUV. Mahindra’s future plans include the electric variants of the KUV100, the XUV Aero and the S201 compact SUV. Maruti also has plans to enter this space in 2020, with a new electric car developed in collaboration with Toyota.
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