Goa to subsidise 11,000 electric vehicles annually for five years – News 24-7 Live News 24-7 Live
Goa to subsidise 11,000 electric vehicles annually for five years

Goa to subsidise 11,000 electric vehicles annually for five years

PANAJI: In a bid to reduce the state’s carbon footprint, the government has decided to provide subsidies to 11,000 electric vehicles every year for a period of five years. The subsidy will be capped at Rs 25 crore annually.

As per the draft scheme for promotion of electric vehicles in the state, every year for the next five years, subsidy will be given to 10,000 two wheelers not exceeding Rs 10 crore per year, 500 three wheelers not exceeding Rs 1crore and around 500 four wheelers not exceeding Rs 14 crore.

The subsidy will be given on a first come first serve basis, a senior official said.

The subsidy will be disbursed in a single instalment that is 100% on purchase of the vehicle and production of documents of purchase — RC book and insurance.

Goa has a vehicle density of 625 vehicles for every 100 people and is ranked fifteenth in the world in terms of vehicle density. “Adopting the use of electric vehicles for daily commute is required to achieve various goals, including improvement in air quality, reduction in noise levels and reduction in generation of greenhouse gas emissions,” the official said.

The scheme is also aimed at achieving the targets set by the Center, under the National Electric Mobility Plan (NEMPP), to have six to seven million electric and hybrid vehicles on Indian roads by 2020, the official said.

With prices of electric vehicles about 50% higher than that of the conventional internal combustion vehicles, targets have not been achieved.

“For this purpose, the department of new and renewable energy has entered into a memorandum of understanding with the Convergence Energy Services Ltd, which is a wholly owned subsidiary of Energy Efficiency Services Ltd, under the administration of the Union ministry of power,” the official said.

The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme was launched by the Centre to save 120 million barrels of oil and four million tonnes of carbon dioxide as well as lowering vehicular emissions by 1.3% in 2020.

News source- Economic Times

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