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New scheme key to incentivize electric mobility adoption

New scheme key to incentivize electric mobility adoption

New Delhi: Electric vehicle (EV) players on Friday welcomed the launch of the 'Electric Mobility Promotion Scheme 2024' by the Union Ministry of Heavy Industries, saying that the new scheme is a significant step forward in incentivising the adoption of electric mobility.

The policy fixes a minimum investment of Rs 4,150 crore for foreign companies who want to set up electric vehicle manufacturing facilities in the country. "With an outlay of Rs 500 crore, the scheme demonstrates the government's continued commitment to promoting sustainable transportation solutions," Akshit Bansal, Founder and CEO of EV charging infrastructure provider Statiq, told IANS.

"The provision of subsidies, including Rs 10,000 per electric two-wheeler, Rs 25,000 per e-rickshaw and e-cart, and Rs 50,000 per heavy electric three-wheeler, will undoubtedly make EVs more accessible and affordable for consumers across various segments," he added.

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