Are you planning to start your business in the Electric Vehicle sector? If so, then it is the right thing to do. The electric vehicles sector is a priority sector for the Government. The government plans to boost this sector. This is being done by providing various incentives to the industry. Here we will try to make you aware of the various benefits you will gain by working in the sector.
Electric Vehicle Industry- The initial stages
The Electric vehicle industry in India started in 2005. Initially there was a lot of hype and enthusiasm about the sector. Many subsidies were announced initially to promote the sector. But soon things took a complete U turn. Subsidies were withdrawn. The industry ran into a bad patch. However since then things have changed for the better. The need for alternative sources of power has increased now than ever before. The Government too is taking a lot of steps to boost the sector.
Why so much importance is being provided to the Sector?
India is one of the largest consumers of the energy in the world. Studies show that India is currently the world’s fourth largest consumer of energy. In this field it is trailing only to China, the United States, and Russia. Most of our energy requirements are met by importing crude oil. It is also met by production of coal. However the traditional energy sources pose serious threat to our environment. The import of crude oil leads to significant outflow of foreign currency. It puts pressure on our fiscal deficit. India is now a global leader in promoting renewable energy sources. It is encouraging the adoption of of renewable energy sources. It plans to promote electric vehicles because they are pollution free.
The government is promoting the adoption of electric scooters. This is being done by offering various incentives. These include capital and interest subsidies. They are also providing viability gap funding, fiscal incentives etc.
The green subsidy on electric vehicles, electric cars and scooters both is one major step towards this.
Incentives Schemes announced recently:
To promote the Electric Vehicle segment- The National Electric Mobility Mission Plan (NEMMP) was announced by the Indian government. This was done to give incentives for use and production of electric vehicles (EVs) in India. The government aims to provide fiscal and monetary incentives to this sector which is still in its nascent stage. With the support from the Government, the total sale of the sector is set to reach 15-16 Million by 2020. India aims to have 7 million electric vehicles on the road by 2020.
Another scheme is FAME India – Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India. It is a part of the National Electric Mobility Mission Plan 2020 of the Indian government in the Union Budget for 2015-16. In this scheme it was announced that it will offer incentives on electric and hybrid vehicles of up to Rs 29,000 for bikes and Rs 1.38 lakh for cars. As per the scheme, battery operated scooters and motorcycles will be eligible to demand incentives. This will range between Rs 1,800 to Rs 29,000. With so much being done for the sector, it is likely to grow rapidly.
You could benefit immensely just by being in the sector. Jezza Motors is the best store to buy E-Rickshaw and Electric vehicle in Kolkata. In case of any requirement please feel to get in touch with us. For further details please visit our website.
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