EV Registration Up Over 43 Pc In FY24, Rs 17,896 Crore Invested: Centre

8/2/2024 12:15:11 PM

(MENAFN- IANS) New Delhi, Aug 2 (IANS) The number of electric vehicles (EVs) registered in FY24 increased significantly by 42.06 per cent as compared to FY23, the Parliament was told on Friday.

In FY24, 16,81,127 EVs were registered on the e-Vahan portal, against 11,83,341 such vehicles in FY23, Minister of State for Heavy Industries and Steel, Bhupathi Raju Srinivasa Varma, told the Rajya Sabha.

According to the Ministry of Road transport & Highways (MoRTH), a total of 45,74,938 electric vehicles have been registered on the e-Vahan portal (till July 29).

The government approved the production-linked incentive (PLI) scheme for the automobile and auto components industry in India (PLI-Auto) in 2021 with a budgetary outlay of Rs 25,938 crore. "As reported by the approved applicants under the scheme, investment up to 31st March, 2024, is Rs 17,896 crore and incremental sales up is Rs 3,370 crore," the minister said.

The government also informed that for the PLI-Auto scheme, FY25 is the first incentive disbursement year.

There are 10 approved applicants with 12 manufacturing locations in Gujarat under the PLI-Auto scheme. The Ministry had launched the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme in 2015 to promote the adoption of electric/hybrid vehicles (xEVs) in India. Under Phase II of the FAME India Scheme, claims of 16,71,606 electric vehicles for Rs 6,825 crore have been submitted for reimbursement of subsidy by the OEMs (EV manufacturers).

The Centre said that 6,862 electric buses were sanctioned for intra-city operations under the FAME-II scheme. Out of 6,862 e-buses, 4,853 e-buses have been supplied till July 31. To further accelerate the adoption of electric vehicles, the government is planning to launch FAME 3.0.

MENAFN02082024000231011071ID1108511056

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.