The market for electric vehicles in the country is growing rapidly. The Government of India is also working hard to promote electric vehicles. The Government of India is working towards the adoption of electric vehicles in the country. The introduction of various subsidies has given a good boost to the electric industry. How much subsidy can you get if you go to buy an electric vehicle? The government is offering various subsidies under the Fame 2 scheme in an effort to bring electric vehicles to every household. The Fame 2 plan has been extended for two years. Meanwhile, the scheme was initially scheduled to end on March 31, 2022, but has now been extended to March 31, 2024. This will have a direct impact on sales of electric vehicles, especially in the two-wheeler and three-wheeler segments.
The Government of India is working towards the adoption of electric vehicles in the country. The Government of India offers 50 per cent more incentives on two-wheeler electric vehicles under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme. Also, the government has given a new incentive for two-wheelers at Rs 15,000 per kWh battery capacity, up to 40 per cent of the vehicle price. Also, the Cabinet recently approved a product-related incentive scheme for the auto sector to promote the manufacture of electric vehicles. Such progressive strategic initiatives will be a catalyst for start-ups in the sector, which are still in their infancy.
Apart from the concessions given by the central government, various states are also giving subsidies at their respective levels. For example, when it comes to Delhi, the price of Ather 450 Plus has come down here as the state government will give a benefit of Rs 14,500 on it. On the other hand, the Delhi government is ready to take a big step towards electric vehicles, where it will ask e-commerce companies, food delivery services and cab companies to use fully electric vehicles for their supply. The Delhi government has set a target of 25 per cent electric vehicle sales by 2024 to curb pollution.