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Electric Vehicles Get Government Incentives
Good news to Indian electric vehicles industry, the ministry of new and renewable energy on Monday announced a 20 per cent financial incentive on the ex-factory price of electric cars and scooters sold in the country.
As the expectations soar in the camps of Society of Manufacturers of Electric Vehicles in India. The firm anticipates a 100% growth for Rs 95 crore incentive scheme offered by the Indian government on electric vehicles. Under the scheme every electric car sold during this 11th Plan in the next two years will be eligible for incentive. The government has announced this incentive scheme, as a part of 11th five year plan.
Made effective from11th November, there will be 20% incentive for the electric vehicles, thereby procuring Rs 4000 on the ex-factory price for low speed electric two wheelers, similarly it will be Rs 5000 for high speed electric two wheelers, Rs 6000 for 7 seater three wheelers and Rs1 lakh for electric cars.
The Society"s Director expressed the hope that the incentive scheme will bring in instant growth making it double digit sale. He further said it will ease the irritated electric vehicle makers, whose meeting is convened to apprise the scheme in detail. It is to be noted that the incentive has been earmarked for the R&D and for expansion activities of the facilities, the ultimate benefit would go to the customers he added.
The average price of electric vehicles is between Rs 25000- 40000, on speed range. The government announced that there will be a dissemination of two wheelers, three wheelers and four wheelers Battery Operates Vehicles and R&D and technology demo and other activities under Alternative Fuels for Surface Transportation.
The net budget for this scheme will be Rs 95 crore during the coming periods of the 11th five year plan. The units allocated for this fiscal are 20000 units of low speed two wheelers and 10000 units of high speed two wheelers. For the next fiscal it will be 80000 and 20000 units respectively. In addition there will be incentives for 100 units of 3 wheelers and 140 units of passenger cars for this fiscal which will be 166 units and 700 units respectively for the next fiscal. The current volume in the electric vehicles is at 85000 units per year, mainly contributed by Hero Electric, Avon Cycles, BSA Motors and Lohia Auto.
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