India observes 43% rise in EV registration from last fiscal year: MoS Heavy Industries

The country observed a sharp 42.06 per cent rise in the number of electric vehicles (EVs) registered in FY24 from FY23, the Parliament was informed on Friday.

Minister of State for Heavy Industries and Steel Bhupathi Raju Srinivasa Varma informed the Rajya Sabha that 16,81,127 electric vehicles (EVs) were registered on the e-Vahan platform in FY24 compared to 11,83,341 in FY23.

According to the Ministry of Road Transport & Highways (MoRTH), as of July 29, 45,74,938 electric automobiles were registered on the e-Vahan platform.

With a budgetary expenditure of Rs 25,938 crore, the government authorised the production-linked incentive (PLI) plan 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 be the first incentive payment year under the PLI-Auto scheme.

The PLI-Auto scheme in Gujarat has ten approved applications with twelve production locations. To encourage the use of electric/hybrid cars (EVs) in India, the Ministry introduced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme in 2015. Moreover, repayment claims by OEMs (EV makers) under subsidies for 16,71,606 electric vehicles totalling Rs 6,825 crore have been filed under Phase II of the FAME India Scheme.

The Centre announced that 6,862 electric buses covered by the FAME-II program have been approved for intra-city service. Up to July 31, 4,853 of the 6,862 e-buses were delivered. The administration intends to introduce FAME 3.0 in order to hasten the uptake of electric vehicles even more.