ENA Sectors 2024-08-06 17:21:30 <p><span style="font-size:14px"><strong>New Delhi, Aug 6 (KNN)</strong> In a significant development for India's automotive sector, electric vehicle (EV) registrations saw a substantial increase of 42.06 per cent in fiscal year 2024 compared to the previous year, according to official data presented to the Parliament on Friday.</span></p> <p><span style="font-size:14px">Minister of State for Heavy Industries and Steel, Bhupathi Raju Srinivasa Varma, informed the Rajya Sabha that 16,81,127 EVs were registered on the e-Vahan portal in FY24, up from 11,83,341 in FY23.</span></p> <p><span style="font-size:14px">The Ministry of Road Transport &amp; Highways (MoRTH) reports that the total number of electric vehicles registered on the e-Vahan portal has reached 45,74,938 as of July 29.</span></p> <p><span style="font-size:14px">The government's production-linked incentive (PLI) scheme for the automobile and auto components industry, approved in 2021 with a budgetary outlay of Rs 25,938 crore, has attracted investments of Rs 17,896 crore and generated incremental sales of Rs 3,370 crore up to March 31, 2024.</span></p> <p><span style="font-size:14px">The first incentive disbursement under this scheme is scheduled for FY25.</span></p> <p><span style="font-size:14px">Gujarat has emerged as a key manufacturing hub, hosting 10 approved applicants with 12 manufacturing locations under the PLI-Auto scheme.</span></p> <p><span style="font-size:14px">The Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles in India (FAME India) Scheme, launched in 2015, continues to drive EV adoption.</span></p> <p><span style="font-size:14px">Under Phase II of the scheme, manufacturers have submitted subsidy reimbursement claims for 16,71,606 electric vehicles, amounting to Rs 6,825 crore.</span></p> <p><span style="font-size:14px">In the public transport sector, 6,862 electric buses were sanctioned for intra-city operations under the FAME-II scheme, with 4,853 already supplied as of July 31.</span></p> <p><span style="font-size:14px">To further boost EV adoption, the government is considering the launch of FAME 3.0, signalling its continued commitment to sustainable transportation solutions.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38879 https://knnindia.co.in/news/newsdetails/sectors/electric-vehicle-registrations-surge-42-in-fiscal-year-2024 2024-08-06 17:21:30 knnindia.co.in