India incentivised about 9 lakh EVs under FAME-II in FY24, shows Economic Survey report
A total of 1.32 crore EVs have received incentives under the FAME-II scheme between 2019 and 2024, with a budgetary outlay of ₹11,500 crore.
- Jul 22, 2024,
- Updated Jul 22, 2024 4:09 PM IST
In FY24, as many as 8.94 lakh EVs were incentivized under the FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, including 8.04 lakh electric two-wheelers, 76,200 electric three-wheelers, 12,400 electric four-wheelers, and 4,600 electric buses, according to the Economic Survey 2023-24 released on Monday.
A total of 1.32 crore EVs have received incentives under the FAME-II scheme between 2019 and 2024, with a budgetary outlay of ₹11,500 crore.
As the EV industry awaits monetary support in the upcoming budget, the FAME-III scheme has been excluded. H D Kumaraswamy, Minister of Heavy Industries and Steel, said last week that all seven ministries have sent in recommendations for the implementation of the FAME-III scheme, which is in its final stages. Notably, in March this year, the government introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) with an outlay of ₹500 crore from April to July 2024.
"In FY24, the country produced approximately 49 lakh passenger vehicles, 9.9 lakh three-wheelers, 214.7 lakh two-wheelers, and 10.7 lakh commercial vehicles," states the Economic Survey.
"While passenger vehicles quickly recovered, the recovery period for two-wheelers, three-wheelers, and commercial vehicles is longer," it adds.
Meanwhile, the Production-Linked Incentive (PLI) scheme for the automobile and auto component industry has attracted an investment of ₹67,690 crore, of which ₹14,043 crore has been invested till March 31, 2024, according to the Economic Survey. So far, 85 applicants have been approved under the auto PLI scheme, which has a budgetary outlay of ₹25,938 crore from FY23 to FY27. Notably, applicants have proposed the generation of 1.48 lakh jobs, against which 28,884 jobs have been created till March 31, 2024.
In FY24, as many as 8.94 lakh EVs were incentivized under the FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, including 8.04 lakh electric two-wheelers, 76,200 electric three-wheelers, 12,400 electric four-wheelers, and 4,600 electric buses, according to the Economic Survey 2023-24 released on Monday.
A total of 1.32 crore EVs have received incentives under the FAME-II scheme between 2019 and 2024, with a budgetary outlay of ₹11,500 crore.
As the EV industry awaits monetary support in the upcoming budget, the FAME-III scheme has been excluded. H D Kumaraswamy, Minister of Heavy Industries and Steel, said last week that all seven ministries have sent in recommendations for the implementation of the FAME-III scheme, which is in its final stages. Notably, in March this year, the government introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) with an outlay of ₹500 crore from April to July 2024.
"In FY24, the country produced approximately 49 lakh passenger vehicles, 9.9 lakh three-wheelers, 214.7 lakh two-wheelers, and 10.7 lakh commercial vehicles," states the Economic Survey.
"While passenger vehicles quickly recovered, the recovery period for two-wheelers, three-wheelers, and commercial vehicles is longer," it adds.
Meanwhile, the Production-Linked Incentive (PLI) scheme for the automobile and auto component industry has attracted an investment of ₹67,690 crore, of which ₹14,043 crore has been invested till March 31, 2024, according to the Economic Survey. So far, 85 applicants have been approved under the auto PLI scheme, which has a budgetary outlay of ₹25,938 crore from FY23 to FY27. Notably, applicants have proposed the generation of 1.48 lakh jobs, against which 28,884 jobs have been created till March 31, 2024.