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Electric Vehicle Buyers to Get Cash Incentive from Government

Electric Vehicle Buyers to Get Cash Incentive from Government

Snapshot: Taxi operators to get up to Rs 2.5 lakh of incentive for buying EVs while electric two-wheeler buyers to get Rs 30,000.

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Indian government has earmarked Rs 9,400 crore for promoting the zero emission pure electric mobility in India. The taxi operators or bus aggregators in the country who will buy electric vehicles will receive cash incentive up to Rs 2.5 lakh for the vehicles that will cost up to Rs 15 lakh. On the other hand, the electric two-wheeler buyers will receive cash incentive of around Rs 30,000 for the model that cost up to Rs 1.5 lakh.

These cash incentives will come when the customers will scrap their old conventional fuel powered vehicle and buy new eco-friendly vehicles. The government hopes to see boost in sales of the electric vehicle with this new cash incentive package. Not only the commercial vehicle aggregators, personal vehicle buyers too will receive the cash incentive given they scrap their pre-BS III vehicles and opt for electric or hybrid vehicles.

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The cash incentive package for the passenger vehicle and two-wheelers will claim round Rs 1,500 crore over the next five years. On the other hand, the government is also emphasizing on developing the charging infrastructure for the electric vehicles across India. Around Rs 1,000 crore will be spent for setting up electric vehicle charging stations across the country.

According to the proposed plan, Indian government is planning to set up at least one EV charging station in every 9 square kilometer. The busiest and major highways across India will get EV charging stations in every 25 kilometre. So far, the wide network of the EV charging stations planned to be set up across the country is expected to majorly resolve the hurdle for the development of electric mobility in India.

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