GOVERNMENT INITIATIVE ON ELECTRIC VEHICLES

7 Dec by admin

GOVERNMENT INITIATIVE ON ELECTRIC VEHICLES

National Electric Mobility Mission Plan (NEMMP) 2020 launched in 2013,

  • The plan aims to achieve national fuel security by promoting hybrid and electric vehicles in the country. Government targets sales of 6 Mn-7 Mn hybrid and electric vehicle per annum from 2020 onwards & cumulative sales target of 15 Mn-16 Mn by 2020.
  • To save up to 9.5 Bn litres of crude oil, equivalent to $9.3 Bn (INR 62,000 Cr),within the stipulated time period. Additionally, it plans to lower vehicular emissions and decrease carbon dioxide emissions by 1.3% to 1.5% by 2020.
  • Indian government and the automotive industry agreed to jointly invest up to $3.4 Bn (INR 23,000 Cr) to develop a robust EV ecosystem in India. Of this, the government committed to pump up to $2.1 Bn (INR 14,000 Cr) over the next five to six years, with the remaining coming from the auto industry.

FAME India Scheme For Faster Adoption Of EV’s

  • The NEMMP 2020 spawned off the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme with an initial outlay of $11.2 Mn (INR 75 Cr) in the Union Budget for 2015-16
  • At present, the government is all set to roll out Phase II of FAME with an investment of $1.3 Bn (INR 9,381 Cr) 
  • In December 2017, the government announced it would provide $65.4 Mn (INR 437 Cr) worth subsidies to 11 cities