Indian electric car industry gains a hike through MNRE incentive scheme

Indian electric car industry gains a hike through MNRE incentive scheme

The much awaited incentive plans from MNRE (Ministry of New & Renewable Energy) are being declared and it has directly affected the Indian Electric Vehicle Industry. The scheme is announced for all electric vehicles in India. The scheme dictates that all Electric Vehicle manufacturers will be entitled to financial incentives from the Government of India for each electric vehicle sold by the company. The incentive will reach up to 20% on exfactory prices of the New Cars. The incentive will be equal to Rs. 4000 for low speed electric two wheelers, Rs.1 lac for electric cars and Rs 5000 for high speed electric two wheelers. The incentive scheme is a huge step taken by Ministry of New & Renewable Energy to increase the sales of electric vehicles. It is a classic example depicted by them to show concern towards increasing pollution in environment. On this occasion, Mr. Sohinder Singh Gill who is the Director of Society of Manufacturers of Electric Vehicles (SMEV) and CEO, HERO Electric, commented that there were times when the company had to face despair and dejection when it took more time then expected but a real positive reply from Dr. Farooq Abdullah and his team of senior officials gave them support to handle the project confidently. He also admitted that this scheme is going to be a fuel for dying EV industry in India. According to him, the EV industry has been facing the worst time since past 1 year and this trigger will surely help it come back to the original position and progress in future. He also explained the procedure to avail this scheme under which one has to register himself and the criteria will be based on strict rules and regulations. The strictness will ensure that only the deserving candidates get the advantage out of this scheme. One big eligibility is based on the fact that minimum 30% content used in the product should be indigenous. The scheme will come into action in current fiscal 201011 and will be continued in next fiscal 201112 as well. This is the first time that such productive plans are implemented by Indian government to promote EVs whereas such plans already exist in countries like China.

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