February 05, 2023

  • Daily Motion

Government Reduced Subsidy For EV By 25%

Government Reduced Subsidy For EV

The Government has announced the cut down of subsidy on Electric Vehicles (EV) by 25 percent to Rs 195 crore for the next financial year. Government Reduced Subsidy For EV by 25 % for the next financial year.

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Government Reduced Subsidy For EV By 25%




 

Since the FAME-The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme was launched four years ago this is the first sequence drop which is provided by the Government.

Government Reduced Subsidy For EV

The subsidy for the year 2018-2019 was Rs 260 crore but it has been reduced to Rs 145 crore. In the previous year, there was a growth in the subsidy for electric vehicles. When the Electric vehicles scheme was launched the subsidy was 74.99 crore in the year 2015-16, in 2016-17 it was budgeted Rs 122.90 crore and in 2017-18 the budget was for Rs 175 crore but only Rs 165 crore subsidy is provided.

Subsidy Lowered To 44% Compared To The Previous Budget

The reduction of a percent was lowered to 44% when compared to the previous budget of Rs 260 crore which was announced in the year 2017-2018.

Subsidy For Two-wheelers, Multi-seaters, three-wheelers, Multi-utility, and Luxury buses.




 

The government is providing a subsidy for all the electric and hybrid vehicles such as two-wheelers and multi-seaters which includes scooters, vans, small cars, sedans, three-wheelers, multi-utility, and luxury buses. As per the government website FAME Rs 7,500 to Rs, 61 lakh is the subsidy amount provided by the government and till now Rs 316.46 crore.

Finance Minister Piyush Goyal says

Finance Minister Piyush Goyal said, “India will lead the energy revolution in the world with electric vehicles.”

As Per SMEV (Society of Manufacturers of Electric Vehicles) Data

As per the data provided by the Society of Manufacturers of Electric Vehicles (SMEV), there was a 40% fall of electric cars in 2017-2018 of 1200 units whereas in 2016-2017 2000 units were sold. However, you can see a huge difference in two-wheelers, 138% to 54,800 units in 2017-18 when compared to 23,000 units sold in 2016-17.

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