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India's Prime Minister Electric Vehicle Scheme (EV Schemes)

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The PM EV Scheme refers to the Prime Minister Electric Vehicle Scheme, which is part of the Indian government’s broader initiatives to promote electric vehicles (EVs) and transition towards sustainable mobility solutions. This scheme is not officially termed as "PM EV Scheme" but often refers to several government initiatives like the FAME (Faster Adoption and Manufacturing of Electric Vehicles) India Scheme and other policies designed to promote electric mobility in India.

Here’s an overview of the major initiatives under this context:

1. FAME India Scheme (Faster Adoption and Manufacturing of Electric Vehicles)

The FAME India Scheme is the main program under the Government of India to promote electric and hybrid vehicles in the country. It is implemented by the Ministry of Heavy Industries to support the market for EVs through financial incentives. The scheme aims to create demand for electric vehicles, focusing on both public and private transport.

  • FAME I: Launched in 2015, focused on providing incentives to buyers for purchasing electric vehicles and hybrid vehicles.
  • FAME II: Launched in 2019 with a budget of ₹10,000 crore for three years, FAME II aims to support 1 million electric two-wheelers, 500,000 electric three-wheelers, 55,000 electric four-wheelers, and 7,000 electric buses. It includes:
    • Subsidies for electric vehicle purchase.
    • Focus on public transport, shared mobility, and fleet operators.
    • Development of charging infrastructure.
  • Objectives:
    • Reduction of vehicular emissions.
    • Boost domestic EV manufacturing.
    • Create charging infrastructure for widespread EV adoption.
    • Promote electric mobility in shared and public transport sectors.

2. Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage

This initiative promotes the development of battery storage manufacturing in India, which is a crucial element for the EV ecosystem. The PLI scheme offers incentives to companies involved in producing advanced battery storage technologies, essential for reducing the costs of EVs and increasing their range and performance.

3. National Electric Mobility Mission Plan (NEMMP)

Launched in 2013, this mission aims to achieve 6-7 million EV sales by 2020 and reduce dependency on fossil fuels. It also promotes the development of domestic EV manufacturing capabilities.

  • Key Highlights:
    • Encouraging electric and hybrid vehicle production.
    • Establishing charging stations across major cities.
    • Providing subsidies and tax exemptions on EVs.

4. Tax Benefits and State-Level Initiatives

The Indian government has also provided several tax incentives for EV buyers and manufacturers. These include:

  • Income tax deductions on interest paid on loans for EV purchases under Section 80EEB.
  • Reduction of GST on electric vehicles from 12% to 5%.
  • Several state-specific EV policies, such as in Delhi, Maharashtra, Gujarat, and Karnataka, offer additional benefits like road tax exemptions, registration fee waivers, and more subsidies for EV buyers.

5. Charging Infrastructure Development

The PM EV Scheme also focuses on developing an EV charging network. The FAME II scheme aims to install 2,700 charging stations across major cities, highways, and key locations to ensure an adequate charging ecosystem.

6. Focus on Electric Buses and Public Transport

A major component of the government’s push for EVs is to transition public transportation (buses, taxis, three-wheelers) to electric. This is aimed at reducing pollution in urban centers and supporting shared mobility.

7. EV Manufacturing Incentives

To promote local manufacturing, the government offers several incentives to companies setting up EV and battery manufacturing plants in India. The aim is to make India a global hub for electric vehicles and components.

Key Impact and Future Vision

The Prime Minister's vision, along with these policies, aims to have 30% of all vehicles on Indian roads be electric by 2030, with a focus on reducing carbon emissions, improving air quality, and making India self-reliant in terms of EV technology.

Conclusion

The PM EV Scheme and related initiatives such as FAME II, PLI for Battery Storage, and state-specific incentives form a comprehensive approach to transitioning India towards a more sustainable electric mobility ecosystem. 

Location: India

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