Ministry of Heavy Industries Reports Record EV Registrations in 2023
The data reveals a substantial increase in the registration of electric vehicles in 2023, with 14,33,545 electric vehicles registered as of December 12.
December 19, 2023. By Abha Rustagi
As of December 12, 2023, a total of 2,27,17,562 vehicles were registered, encompassing electric, petrol, and diesel vehicles. The data, disclosed by the Minister of State for Heavy Industries, Krishan Pal Gurjar, reveals a surge in EV registrations, underlining the success of government initiatives and incentives to promote electric mobility.
The data reveals a substantial increase in the registration of electric vehicles in 2023, with 14,33,545 electric vehicles registered as of December 12, showcasing a ratio of 0.0631 EVs to total vehicles. This surge reflects a growing acceptance of electric mobility among consumers.
The government's Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme, launched with a budgetary outlay of INR 10,000 crore, continues to make strides in promoting hybrid and electric technology in transportation.
The scheme provides subsidies for electric buses, electric three-wheelers, and electric four-wheelers used in public transportation or for commercial purposes. Private owners of electric two-wheelers also benefit from the subsidy.
The Production Linked Incentive (PLI) schemes also play a pivotal role in accelerating domestic manufacturing. The 'National Programme on Advanced Chemistry Cells (ACC) Battery Storage' with a budgetary outlay of INR 18,100 crores aims to establish a cumulative ACC battery manufacturing capacity of 50 GWh.
The PLI scheme for the Automobile and Auto Component Industry, with a budgetary outlay of INR 25,938 crore, provides financial incentives for Advanced Automotive Technologies (AAT) products, including electric vehicles and their components.
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