If you are planning to purchase an electric vehicle soon, you must be aware of the electric vehicle subsidiaries available in India
It is a known fact that the future of vehicles is electric. Almost the entire world’s automobile industry is working hard to flood the automobile industry with electric vehicles and in the process, eradicate ICE vehicles. However, at present, electric vehicles are expensive and therefore, several subsidiaries are being provided by the governments to electric vehicle purchasers. In India too, there are several EV subsidiaries that people must know.
What is the relevance of this article?
As mentioned in the first paragraph, electric vehicles are quite expensive compared to their ICE counterparts. However, the government is urging people to switch to electric vehicles for the sake of a better, green and pollution-free future. Given the fact that India is a price-sensitive market, several vehicle purchasers do not pick up EVs because of the expensive price-tags. In this article, we have explained the subsidiaries one can avail and pick up an electric vehicle at an affordable price.
Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME)
The FAME subsidiary is a subsidiary provided by the central government. It was introduced in 2015 and in 2019; the scheme entered its second phase (FAME II). The FAME II subsidiary is applied to the price-tag of almost every electric vehicle. However, the vehicle must fall under certain criteria laid down by the FAME scheme. The second phase of the scheme will be active until 2024 and we expect it to reach the third phase as well.
Different subsidiaries by the different state governments
While the FAME subsidiary is offered by the central government of India, there are several subsidiaries offered by the state governments. As of now, there are 28 states in India and therefore, the statesubsidiaries vary from one state to other. For example, in the state of Gujarat, a purchaser can enjoy a discount amount of INR 10,000 per kWh. On the other hand, in Maharashtra, one can get a flat discount of INR 10,000 on two-wheelers.
The difference in price rates
For example, the original ex-showroom price of the Ather 450 Plus electric scooter is INR 1,69,672. However, after applying the FAME II scheme, one can get a discount of INR 43,000 on the original ex-showroom price. Last but not the least, as of 2022, one can purchase an electric vehicle without burning a hole in his or her pocket.
