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ICICI Direct Report
Recent announcement by Department of Heavy Industries for modification of the scheme for faster adoption and manufacturing of electric vehicles in India phase II, including increasing the demand incentive to Rs 15,000 per kilo-watt hour from the earlier uniform subsidy of Rs 10,000 per kilo-watt hour for all electric vehicles (including electric-two-wheeler, electric-three-wheeler) including plug-in hybrids and strong hybrids, except buses and the limit on the incentives for an E-two-wheeler is now capped at 40% of its price, twice the previous limit of 20%.
Besides these incentives, various state governments are providing additional incentives to drive faster EV adoption, such as additional subsidies on EV purchase, increased outlay for EV infrastructure, promoting EV start-ups, and exemptions from registration and other fees that are applicable to normal internal combustion engine vehicles.
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