Switching to electric bike? PM E Drive 25-26

PM E Drive replaces FAME. The right time to buy your first electric bike?

The market for EVs is growing quickly in India, primarily due to subsidies for EVs. The Indian government has allotted ₹4,000 crores under the PM E Drive scheme to promote electric cars and bikes. In addition to saving money, electric bikes such as CSR 762, like any other vehicle, are seen as vital to society, offering first-time bike owners emotional attachments and environmental advantages. Electric vehicles have evolved from merely a means of transportation to essential allies on the path to a sustainable future as more people use them.

What is an EV Subsidy for Electric Vehicles?

An electric vehicle subsidy is a government program designed to lower the EV cost and increase customer accessibility. These subsidies assist in closing the price difference between conventional petrol vehicles in India and saving on everyday commuting costs for customers while investing in environmentally friendly transportation.

India's Mobility and the Function of Electric Vehicle Subsidies

Following the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program, the Indian government's PM E Drive program has persisted in increasing awareness of EV adoption. Under this initiative, electric two-wheelers can receive a ₹2500/kw subsidy and enable households to adopt more environmentally friendly modes of transportation like electric cars, bikes, and SVITCH electric bicycles without worrying about exorbitant upfront expenses.

India's Electric Vehicle Subsidies

1. PM E-DRIVE Plan:

By reducing the initial cost of EV purchases, subsidies help remove one of the main obstacles to adoption. Under the PM E-Drive Scheme, electric two-wheeler buyers can avail of a subsidy of ₹5,000 per kWh (up to Rs. 10,000 per vehicle) for FY 2024-25. FY 2025-26, the subsidy will drop to ₹2,500 per kWh, capped at ₹5,000 per vehicle.

2. State-level Incentives:

Several states, including Gujarat and Assam, provide ₹10,000 per kWh in subsidies for electric two- and four-wheelers and exemptions from road taxes to promote EV adoption. Odisha and Rajasthan offer subsidies of ₹10,000 and ₹2,500 per kWh, respectively, while Maharashtra offers a ₹5,000 per kWh subsidy. To further encourage the adoption of electric vehicles, states like Tamil Nadu, Telangana, Karnataka, Punjab, and Andhra Pradesh have waived 100% of the road tax.

The government subsidy on electric vehicles is an essential initiative that encourages the adoption of greener technologies at a lower cost for consumers across India.

To know how much cost you can save while riding an electric bike use the saver's scale to get precise data

How Can you avail the benefits of the PM E Drive scheme?

First, OEMs (Original Equipment Manufacturers) must register for the PM E-DRIVE scheme to claim subsidy reimbursement on eligible EVs, including those previously registered under Phase II of the FAME-India scheme. They will deduct the incentive amount from the EV's price at billing, including taxes.

The online registration procedure is outlined below to avail the benefits:

Step 1: Visit the official PM E-DRIVE portal.

Step 2: Click the 'Login' button and select the 'OEM' option.

Step 3: Scroll down and click on the 'Register' button.

Step 4: Fill out the OEM Pre-Registration form, upload the required documents and click 'Get OTP'. 

Step 5: Enter the OTP and click 'Submit'.

The Growth of Electric Motorcycles Exponentially

In 2024, India's electric two-wheeler market grew by 24% annually, surpassing one million units. By 2030, the market is projected to reach ₹1.44 trillion.

Emerging bikes like CSR 762 are popular among college students who are purchasing their first bike, along with the crowd who want a sustainable and stylish electric bike, as they provide a top speed of 120km/h and an IDC range of 180 km. With utilities such as 40-litre boot storage and swappable batteries, it steals the limelight from its competitors. It has become a dependable option for many commuters, along with vehicle subsidies and being environmentally friendly.

Top 3 Benefits for You:

The electric vehicle subsidy offers several significant benefits.

1. Lower Cost of Ownership: EVs have resulted in significant savings over time due to low electricity charges paid at the month's end and low maintenance expenses.

2. Environmental Impact: Electric cars produce a negligible carbon footprint and lessen India's carbon impact.

3. Government Support: The switch to electric vehicles is made simpler and more affordable for families through initiatives like FAME electric vehicle subsidy, PM E Drive schemes and state subsidies.

Conclusion

India's government subsidy on electric vehicles is critical in encouraging the transition to cleaner, greener transportation. Bikes like CSR 762 and upcoming bikes, which offer value-for-money products, will soon be in the limelight as an eco symbol. Whether it's the electric vehicle subsidy in India or regional efforts like the subsidy for electric vehicles in Kerala or Karnataka, these incentives are designed to make the transition to electric bikes smoother and more affordable.