By April, India Hopes to Roll Out Incentive Program For Purchase of EVs
India finally seems ready to get that long-promised EV incentive program in place.
India’s Heavy Industries Ministry is expected to begin circulating a completed draft by month’s end. This draft will contain “subsidies under the National Electric Mobility Mission Plan,” reports NDTV.
According to NDTV, an official in the Department of Heavy Industry made these comments:
“We are working on a demand incentive for greater adoption of Electric Vehicles under the NEMMP.”
“Under the scheme, Rs. 10,000 crore subsidy is envisaged for cars and two-wheelers, besides Rs. 760 crore for research and development by companies and Rs. 180 crore for charging infrastructure.”
It’s believed that India will have all of the kinks worked out by April 1. That’s when the incentive program is expected to be signed into law.
Mahindra-Reva is currently the only manufacturer in India making passenger EVs. The other automakers have decided to wait until the nation establishes an incentive program.
Without incentives, EVs are simply too expensive in India for buyers to even consider. The incentive program will be designed to bring EVs close to cost parity with ICE.
India expects that the incentives will lead to a major boost in EV sales. The goal is to get up to 7 million plug-ins on India’s road by the end of 2020. That figures includes two-wheelers.