Benefits From New FAME-II Subsidies To Stay Until 2024
The Centre aims to make India an EV manufacturing hub
The Centre recently announced new FAME-II subsidies that hugely benefit the EV industry in India. These benefits that have been put in place to promote electric vehicles in India were supposed to end by 2022. However, after reconsideration, the Centre has decided to extend the deadline until March 31, 2024 -- an extension of thee years! That’s a huge win for the EV manufacturers and folks who are planning to make the switch to green mobility.
The highlights for the 2021 FAME-II subsidies had to be the 50 percent increase in incentives. In essence, the new framework offers benefits of Rs 10,000 to Rs 15,000 per kWh depending on the vehicle. More importantly, portions of these increments are being passed on to the customers, meaning, you can get your hands on your dream electric two-wheeler for a lot cheaper than before.
Premium electric two-wheelers like the Ather 450X, TVS iQube Electric, and Revolt RV400 have more reasons to celebrate as the revisions in subsidies brings them on par with ICE-powered rivals. Add the ever increasing fuel prices to the equation, and you have all the more reasons to make the switch to electric vehicles.
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Gujarat’s ‘Electric Vehicle Policy 2021’ isn’t just restricted to manufacturers, it also benefits companies who are looking to put up charging stations or build an ecosystem around EVs. Potential investors can avail a 25 percent capital subsidy for setting up around 250 new EV charging stations for two-, three- and four-wheelers. Read about it here.
The move should help close the gap between ICE-powered two-wheelers and electrics. Question is what's still stopping you from moving to electric vehicles? Let us know in the comments.