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Business EconomyPosted at: Dec 4 2021 12:09AM


Govt stepping up price incentives to boost EV market

New Delhi, Dec 3 (UNI) With India’s electric vehicle (EV) market expected to grow at a compounded annual growth rate (CAGR) of 90 per cent from 2021 onwards to touch $150 billion by 2030, the Government is stepping up various initiatives for promotion of electric vehicles in the country.
As per the e-vahan portal, the number of electric vehicles registered has jumped from 1,61,314 units in 2019 to 1,19,648 units in 2020, taking the total registrations in two years to 2,80,962 units.
The ‘Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India)' scheme formulated by the Ministry of Heavy Industries in 2015 to promote adoption of electric/ hybrid vehicles, is presently in phase-II of execution which will spread over a period of five years with a total budgetary support of Rs 10,000 crore, as per the information given by Minister of State for Heavy Industries Krishan Pal Gurjar in Rajya Sabha on Friday. The focus of the second phase of FAME India scheme is on supporting electrification of public and shared transportation and through subsidies 7090 e-buses, five lakh e-three wheelers, 55000 e-4 wheeler passenger cars and 10 lakhe-two wheelers. Under the scheme, there will also be support for creation of charging infrastructure to address range anxiety among users.
The issue of affordability is also being addressed by reducing GST on EVs from 12% to 5% and on chargers/charging stations for EVs from 18% to 5%. Incentives are being given to buyers in the form of an upfront reduction in the purchase price of vehicles. The incentive is linked to battery capacity with Rs 10,000/KWh for e-3W and e-4W with a cap of 20% of the cost of vehicle. Further, the incentive/subsidies for e-2W has been enhanced to Rs 15,000/KWh from Rs10,000/KWh with an increase in cap from 20% to 40% of the cost of vehicle, effective from 11 June, 2021.
The effort to boost the EV market has turned into a multi-pronged exercise involving various ministries. While the Ministry of Power has permitted private charging at residences and office, the Ministry of Road Transport & Highways (MoRTH) has been taken a slew of measures to boost the EV industry extended green license plates to battery-operated vehicles and allowed exemption from permit requirements. The Ministry has also issued a notification advising states to waive road tax on EVs, which in turn will help reduce the initial cost of EVs. The Ministry of Housing and Urban Affairs (MoHUA) amended the Model Building Byelaws 2016 to establish charging stations and infrastructure in private and commercial buildings.
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