Govt launches PM E-DRIVE subsidy scheme for EVs with Rs 10,900 cr outlay
The government on Tuesday launched the PM E-DRIVE Scheme, with an outlay of Rs 10,900 crore for faster adoption of electric vehicles, setting up of charging infrastructure and development of EV manufacturing ecosystem in India.
The scheme shall be implemented from October 1, 2024 to March 31, 2026.
The EMPS-2024 (Electric Mobility Promotion Scheme) being implemented for the period April 1, 2024 to September 30, 2024 is being subsumed under the PM E-DRIVE scheme.
The subsidy under the PM E-DRIVE scheme for electric two-wheelers has been fixed based on battery power at Rs 5,000 per kilowatt hour but the overall incentive will not exceed Rs 10,000 in the first year.
In the second year, it will be halved by Rs 2,500 per kilowatt hour, and the overall benefit will not exceed Rs 5,000. Currently, popular electric scooter makers like Ola, TVS, Ather Energy, Hero Vida (Hero Motocorp) and Chetak Bajaj have battery capacities of 2.88-4 kWh in price range of Rs 90,000 to Rs 1.5 lakh.
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