EVs to get Rs.50,000 rebate

The Indian govt is planning to incentivise purchase of electric vehicle by bringing them into the ambit of priority sector lending and lowering of interest rates on loans to make purchase of EVs affordable which would result in rebate of Rs.50,000. As per SIAM high cost (2 to 2.5 times of conventional vehicles) is the biggest factor for slow penetration of EVs. The other bigger challenge is range per charge (EVs have 1/4 that of a conventional vehicle). In FY18, 56000 EVs were sold which was up from 2500 in FY17. Out of this electric 2-wheelers dominated with 54,800 units, up from 23000 units in FY17. Area of concern is electric four wheelers which witnessed a drop from 2000 units at FY17 to 1200 units in FY18. The govt of India is aiming at taking share of EVs to 15% in next 5 years from the current share which is negligible. The major challenge in EV adoption is the charging infrastructure facilities and to address that govt has already issued notifications to facilitate domestic manufacturers of EVs and creation of infrastructure. This may further be aided by waiving of road and registration taxes by states and partial or complete exemption from parking charges for EVs.

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