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The manufacturing of e-vehicles and their associated components is expected to increase the share of manufacturing in India’s GDP to 25% by 2022. Large-scale adoption of electric vehicles is projected to help save US$ 60 billion on oil imports by 2030. Electrification will also help reduce vehicular emissions, a key contributor to air pollution which causes an average 3% GDP loss every year.
The Government has approved Phase-II of FAME Scheme with an outlay of Rs. 10,000 Crore for a period of 3 years commencing from 1st April 2019. Out of total budgetary support, about 86 percent of fund has been allocated for Demand Incentive so as to create demand for xEVs in the country. Only advanced battery and registered vehicles will be incentivized under the scheme. Privately owned registered e-2Ws are also covered under the scheme as a mass segment.
The National Mission on Transformative Mobility and Battery Storage has been approved by the cabinet, and the inter-ministerial steering committee of the Mission will be chaired by the CEO of Niti Aayog. The Mission aims to create a Phased Manufacturing Program (PMP) for five years till 2024, to support setting up large-scale, export-competitive integrated batteries and cell-manufacturing giga plants in India, as well as localizing production across the entire electric vehicle value chain.
It has shortlisted 11 cities in the country for introduction of EVs in their public transport systems under the FAME (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India) scheme. It will also set up incubation centre for start-ups working in the EVs space. In February 2019, the Government approved FAME-II scheme with a fund requirement of Rs. 10,000 crore (US$ 1.39 billion) for FY20-22. As of June 2021, Rs. 871 crore (US$ 117 million) has been spent under the FAME-II scheme, 87,659 electric vehicles have been supported through incentives and 6,265 electric buses have been sanctioned to various state/city transportation undertakings.
It has clarified that charging EVs is considered a service, which means that operating EV charging stations will not require a license. It has also issued a policy on charging infrastructure to enable faster adoption of EVs.
It has announced that both commercial as well as private battery-operated vehicles will be issued green license plates. It has also notified that all battery operated, ethanol-powered, and methanol-powered transport vehicles will be exempted from the commercial permit requirement. Go Electric campaign
It has launched a grand challenge for developing the Indian Standards for Electric Vehicle Charging Infrastructure.
Making the path for an electric future smoother, the government has slashed GST on EVs to 5% versus 28% for combustion engines, exemption on loans to buy electric vehicles, customs duty exemption on certain EV parts including electric drive assembly, onboard charger, e-compressor and a charging gun to cut down costs. Every state government has taken up its own policies and incentives for the EV sector.