Electric Vehicle Registrations Surge 42% In Fiscal Year 2024

(MENAFN- KNN India) New Delhi, Aug 6 (KNN) In a significant development for India's automotive sector, electric vehicle (EV) registrations saw a substantial increase of 42.06 per cent in fiscal year 2024 compared to the previous year, according to official data presented to the Parliament on Friday.

Minister of State for Heavy Industries and Steel, Bhupathi Raju Srinivasa Varma, informed the Rajya Sabha that 16,81,127 EVs were registered on the e-Vahan portal in FY24, up from 11,83,341 in FY23.

The Ministry of Road Transport & Highways (MoRTH) reports that the total number of electric vehicles registered on the e-Vahan portal has reached 45,74,938 as of July 29.

The government's production-linked incentive (PLI) scheme for the automobile and auto components industry, approved in 2021 with a budgetary outlay of Rs 25,938 crore, has attracted investments of Rs 17,896 crore and generated incremental sales of Rs 3,370 crore up to March 31, 2024.

The first incentive disbursement under this scheme is scheduled for FY25.

Gujarat has emerged as a key manufacturing hub, hosting 10 approved applicants with 12 manufacturing locations under the PLI-Auto scheme.

The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme, launched in 2015, continues to drive EV adoption.

Under Phase II of the scheme, manufacturers have submitted subsidy reimbursement claims for 16,71,606 electric vehicles, amounting to Rs 6,825 crore.

In the public transport sector, 6,862 electric buses were sanctioned for intra-city operations under the FAME-II scheme, with 4,853 already supplied as of July 31.

To further boost EV adoption, the government is considering the launch of FAME 3.0, signalling its continued commitment to sustainable transportation solutions.

(KNN Bureau)

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