The Ministry of New & Renewable Energy (MNRE), Government of India has announced the much awaited incentive scheme for Electric Vehicles in India by which the manufacturers of Electric Vehicles will receive financial incentive for each Electric Vehicle sold in India.
The scheme envisages incentives of up to 20% on the ex-factory prices of the vehicles, subject to a maximum limit. The cap on the incentive will be Rs.4,000 for low speed electric two wheelers, Rs.5,000 for high speed electric two wheelers and Rs. 1 lac for an electric car. In total, Govt. will provide financial incentives of about Rs. 95 Crores. Owing this these rebates, the Society of Manufacturers of Electric Vehicles (SMEV) expects a growth of about 100% in electric-vehicle sales.
