The Parliament was informed on Friday that the number of electric vehicles (EVs) registered in FY24 rose dramatically by 42.06 percent over FY23.
According to Bhupathi Raju Srinivasa Varma, Minister of State for Heavy Industries and Steel, 16,81,127 EVs were registered on the e-Vahan portal in FY24 compared to 11,83,341 in FY23. This information was given to the Rajya Sabha.
The Ministry of Road Transport & Highways (MoRTH) reports that, as of July 29, 45,74,938 electric vehicles had been registered on the e-Vahan link.
With a budgetary expenditure of Rs 25,938 crore, the government approved the production-linked incentive (PLI) scheme for the Indian auto and auto component sector (PLI-Auto) in 2021. “As reported by the approved applicants under the scheme, investment up to 31st March, 2024, is Rs 17,896 crore and incremental sales up is Rs 3,370 crore,” added the minister.
Additionally, the government announced that FY25 will mark the first incentive payment year under the PLI-Auto plan.
Under the PLI-Auto program, 12 manufacturing sites in Gujarat are home to 10 approved candidates. To encourage the use of electric/hybrid vehicles (xEVs) in India, the Ministry introduced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme in 2015. Claims for repayment of subsidies by OEMs (EV manufacturers) for 16,71,606 electric vehicles totaling Rs 6,825 crore have been submitted under Phase II of the FAME India Scheme.
According to the Center, 6,862 electric buses have been approved for use in intra-city transportation under the FAME-II program. As of July 31, 4,853 of the 6,862 e-buses have been delivered. The government intends to introduce FAME 3.0 in order to hasten the adoption of electric vehicles even more.
