Indian Electric Vehicles Sector

India has made a bold move to stop conventional automotive engines by 2030. Though the move is aggressive it sets the tone for things to come in future. Government of India through the Heavy Industries ministry has launched ‘Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India’ (FAME) as a part of the National Electric Mobility Mission Plan. It offers incentives on hybrid and electric vehicles; of up to Rs. 29,000 for two-wheelers and Rs. 1.38 lakh for cars. The government will spend Rs. 795 crore in the first 2 fiscal years under this scheme.

Battery-run motorcycles and scooters will be eligible for incentives in the price range of Rs. 1,800 to Rs. 29,000, while electric/hybrid four wheeler are eligible for Rs. 13,000 to Rs. 1.38 lakh, for three wheelers and LCVs, the incentives are in the range of Rs. 3,000 to Rs. 61,000 and Rs. 17,000 to Rs. 1.87 lakh. For a electric/hybrid the incentives range from Rs. 34 lakh to Rs. 66 lakh.

Initially, the scheme is launched in metro cities and later will be extended to smart cities.