The Ministry of Heavy Industry has announced a new plan to encourage using electric vehicles in our country.
The government will spend Rs 500 crore on this plan from April to July 2024. This plan is mainly for electric bikes and electric rickshaws.
The current plan, FAME-2, will end on March 31, 2024. To continue supporting electric vehicles, the government is introducing the E-Transport Promotion Scheme 2024.
The Heavy Industries Minister, Mahendra Nath Pandey, said the government is dedicated to promoting electric vehicles in India.
Under this new plan
1) People buying electric bikes will get Rs 10,000 as support. This will help around 3.3 lakh people.
2) Those buying small electric rickshaws will get up to Rs 25,000. More than 41,000 rickshaws will be included.
3) People buying larger electric rickshaws will get Rs 50,000.
The FAME-2 subsidy will apply to electric vehicles sold until March 31, 2024, or until the funds run out.
Earlier, the Ministry of Heavy Industries (MHI) and the Indian Institute of Technology Roorkee signed an agreement to work together.
They aim to encourage innovation and growth in the automotive and electric vehicle sector.
The project costs Rs 24.66 crore, with Rs 19.87 crore from the Ministry and Rs 4.78 crore from industry partners.
Ayush Lohia, CEO of Lohia Auto, sees the E-Mobility Promotion Scheme 2024 as a big chance to help the electric vehicle industry grow.
With subsidies of up to Rs 25,000 for small rickshaws and Rs 50,000 for larger vehicles, more people will want to buy electric vehicles.
This increase in demand will not only help their business but also push them to make better products to meet the growing market needs.
