AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

NEW DELHI: India’s cabinet has approved a scheme to spend 109 billion rupees ($1.3 billion) on incentives for the adoption of electric vehicles in its efforts to curb pollution and move towards cleaner fuels.

The PM Electric Drive Revolution in Innovative Vehicle Enhancement, or PM E-DRIVE, scheme will give subsidies worth 36.79 billion rupees on e-two wheelers, e-three wheelers, e-ambulances and e-trucks, information minister Ashwini Vaishnaw said at a press briefing on Wednesday.

Adoption of EVs is still low in India, but is on the rise as the government promotes clean energy, offering companies incentives to build vehicles and parts in the country.

In a first, 5 billion rupees will be doled out to deploy e-ambulances under the scheme, according to a government statement.

Replacement of trucks - a major source of air pollution in the country - will be incentivised with an outlay of 5 billion rupees for e-trucks. Additional subsidies will be given in return for scrapping old trucks.

Ford held talks with Indian state to restart production for exports, minister says

It was not immediately clear if the scheme will apply to cars too.

The government said it has also set aside 43.91 billion rupees for public transport agencies to buy 14,028 electric buses.

India’s Road Transport Minister Nitin Gadkari urged carmakers on Tuesday to set up vehicle scrapping centres to get polluting vehicles off the roads, adding that the move could boost sales of vehicles by 18-20%.

Electric models made up less than 2% of the 4.2 million cars sold in India last year, but the government wants to grow this to 30% by 2030.

The new scheme will also focus on improving charging infrastructure within the country and promote testing of new technologies.

The main aim of the scheme “is to expedite the adoption of EVs by providing upfront incentives for their purchase, as well as by facilitating the establishment of essential charging infrastructure for EVs”, the government said.

Comments

200 characters