12th September 2024 (10 Topics)

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PM E-DRIVE

Context

The Union Cabinet approved the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme with an allocation of Rs 10,900 crore for two years to promote the adoption of electric vehicles in the country.

About PM E-DRIVE

PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme aims for the promotion of electric mobility in the country.
This scheme will replace the existing FAME programme, which ran for nine years until March. However, PM E-DRIVE will not subsidise electric cars.
- Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) Scheme was launched in 2015, which came to an end on March 31 this year.
Key Components Of PM E-Drive Scheme:
- Subsidies:Subsidies/Demand incentives worth Rs.3,679 crore have been provided to incentivize e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses.
- E-Vouchers For Demand Incentives:Ministry of Heavy Industries (MHI) is introducing e-vouchers for EV buyers to avail demand incentives under the scheme.
There are no incentives for hybrid or electric cars.
Electric vehicle adoption in India is at its nascent stage with overall penetration close to 7 per cent. Two-wheelers accounted for 56 per cent of the electric vehicle sales in the last financial year, while three-wheelers constituted 38 per cent.

Fact Box: Government Polices to promote e-vehicle

Electric Mobility Promotion Scheme 2024 (EMPS 2024): The scheme aims to boost the adoption of EVs across the country.
Battery Swapping Policy: This scheme aims to standardize the standards of batteries to be used in EVs across India.
Production Linked Incentive (PLI) Scheme for Automotive Sector: The Government approved the PLI Scheme for Automotive Sector in 2021 with a budgetary outlay of Rs. 25,938 crores to support domestic manufacturing of vehicles. Electric vehicles are covered under this PLI scheme.
PLI Scheme for Advanced Chemistry Cell (ACC): The Government approved PLI Scheme for manufacturing of ACC for 50 GWh in the country. Additionally, 5GWh of niche ACC technologies is also covered under the Scheme.
Go Electric campaign aims to create awareness on the benefits of EVs and EV charging infrastructure.
GST on EVs has been reduced from 12% to 5%; GST on chargers/ charging stations for EVs has been reduced from 18% to 5%.
Ministry of Road Transport & Highways (MoRTH) announced that the battery-operated vehicles will be given green license plates and be exempted from permit requirements.

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GS Analyst: Daily Current Affairs

12th September 2024 (10 Topics)

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PM E-DRIVE

About PM E-DRIVE

Fact Box: Government Polices to promote e-vehicle

Still Have Questions?

GS Analyst: Daily Current Affairs

PM E-DRIVE

About PM E-DRIVE

Fact Box: Government Polices to promote e-vehicle

Still Have Questions?

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