Increase in demand for electric vehicles in India

The demand and sales of electric vehicles have been constantly rising in India due to a hike in fuel prices and to reduce pollution. In this article lets look into the sales data and the incentives provided by the government for the past four financial years. Let us now discuss in detail the increase in demand for electric vehicles in India. 

FY2017

INCENTIVES PROVIDED BY THE GOVERNMENT

Introduction of FAME policy for two-wheelers and mild hybrid vehicles, for two-wheelers the incentive was between 1800-22000 rs, for four-wheelers it was between 11000- 1.38 lacs and for mild-hybrid vehicles it was around rs 11000.

EV SALES DATA:

FY2018:

INCENTIVES PROVIDED BY THE GOVERNMENT:

1.Introduction of FAME-II Scheme a 10000 crore program to promote the sales of electric vehicles

2.Reduction of GST from 12% to 5%

EV SALES DATA:

FY2019:

INCENTIVES PROVIDED BY THE GOVERNMENT:

Implementation of FAME-II policy in phase by phase

EV SALES DATA:

FY2020:

INCENTIVES PROVIDED BY THE GOVERNMENT:

Implementation of FAME-II scheme

EV SALES DATA:

Due to the COVID-19 pandemic, the sales of electric vehicles have significantly dropped the hike in the price of combustion fuels have created a constant demand for electric vehicles. We could see a huge amount of sales in the electric vehicles sector in the following years. Most of the vehicle manufacturers are planning to bring out many fascinating and more economic electric vehicles into the market in the following years. Many subsidies and incentives are being provided by the government in terms of buying an electric vehicle and in terms of charging infrastructure also. We could get a hike in sales if more number of fast-charging stations are established. Many R&D centers are researching increasing the battery life and decreasing the charging time this will lead to an increase in the sales of electric vehicles in India.

Also Read Related Article: Telangana EV owners benefited Rs 39 lakh from EV policy-rise in sales

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