NITI Calls For EV Purchase Subsidy

A National Level Policy must be formulated to incentivize distribution utilities that are investing in EV charging infrastructure.

Updated: Apr 30, 2021 05:07:42 pm

30 April 2021 Current Affairs:NITI Aayog these days stated that the Government of India has to furnish incentives on the purchase of electric-powered vehicles over and above current subsidies being provided under the FAME II scheme. Also, it has endorsed to furnish hobby subvention on mortgage quantity taken for Electric Vehicle purchases.

♦ Apart from interest subvention and additional subsidies, NITI Aayog has additionally recommended creating non-financial incentives. This consists of exceptional parking for Electric Vehicles in industrial complexes, priority lanes for EVs.
♦ The NITI Aayog has additionally encouraged that the Green Zones have to be demarcated within cities that permit only electric-powered Vehicles.
♦ The think tank says that heavy taxes should be charged on conventional gas vehicles. Green corridors ought to be created that enable only E-Buses.
♦ A National Level Policy must be formulated to incentivize distribution utilities that are investing in EV charging infrastructure.
♦ The Financial Institutions in the united states of America need to be influenced to extend their lending facility to the Electric Mobility sector.
♦ The charging infra developer has to allocate a land component for open public amenities such as meals zones, cafeteria, etc. Such provisions have been covered in the Madhya Pradesh EV Policy.
♦ The Electricity Regulator must be mandated to provide a mechanism to approve rate-basing of utility investments in constructing EV Charging infrastructure.
♦ The Government of India had notified the National Electric Mobility Mission Plan, 2020, that targets to amplify home manufacturing capacities of EV. Also, the FAME II scheme was once launched to stimulate the EV market. Despite all these measures, the share of EVs in the USA's total sale of automobile income is simply 1%. Therefore, NITI Aayog has come up with these recommendations.
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