Sale of EVs increased by over 25% compared to FY2023-24: Government

Sale of EVs: Bhupathiraju Srinivasa Varma, Minister of State for Heavy Industries, has said the number of electric vehicles (EVs) sold in the country during the current fiscal year has increased by over 25% compared to the same months in the previous financial year of 2023-24. From April 1 to November 30, 2024, a total of 13.06 lakh EVs were registered in the country, which is 25.64% higher than the 10.39 lakh EVs registered during the corresponding months of the previous fiscal year.

Varma also shared that the PM E-DRIVE scheme is aimed at promoting electric mobility by providing support for 14,028 e-Buses, 2,05,392 e-3 Wheelers (L5), 1,10,596 e-Rickshaws & e-Carts, and 24,79,120 e-2 Wheelers. The scheme has a budget of Rs.10,900 crore allocated over a two-year period until March 31, 2026.

“The scheme has already seen a growing adoption of electric vehicles since its inception,” he said while adding, e-Trucks, e-Ambulances, EV public charging stations and upgradation of testing agencies are also supported under the Scheme.

EV schemes by NDA government

The FAME Scheme Phase II, a government initiative launched in 2019 with a budget allocation of Rs 11,500 crore, offers incentives for electric two-wheelers, three-wheelers, four-wheelers, buses, and public charging stations.

In May 2021, the government introduced the PLI Scheme for Batteries, aimed at manufacturing advanced chemistry battery cells for energy storage, with a budget of Rs 18,100 crore.

Similarly, the PLI Scheme for the Auto Component Industry, launched in September 2021 with a budget of Rs 25,938 crore, focuses on enhancing India's manufacturing capabilities for Advanced Automotive Technology (AAT) products in the Automobile and Auto Component Industry. Its primary objective is to provide financial incentives to promote domestic production of AAT products.

The objective of the Scheme for Promotion of Manufacturing of Electric Passenger Cars in India is to incentivize and encourage the production of electric passenger cars in India. Eligible applicants are required to make a minimum investment of Rs 4,150 crore to be considered for this scheme. The SPMEPCI was officially announced in March 2024.

The PM E-Drive Scheme is designed to provide assistance for various electric vehicles such as e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, and EV public charging stations. It also aims to support EV testing agencies. Launched in September 2024 with a budget of Rs 10,900 crore for a two-year period, this scheme incorporates the Electric Mobility Promotion Scheme (EMPS) 2024, which ran from April 2024 to September 2024.

The PSM Scheme, short for PM e-Bus Sewa-Payment Security Mechanism scheme, is focused on facilitating the deployment of over 38,000 electric buses. Introduced in October 2024, this scheme has a budget allocation of Rs 3,435 crore.