Whalesbook
Revised Timelines and Unit Caps
These changes aim to manage the ₹10,900 crore budget more effectively and ensure support reaches its intended targets. For electric two-wheelers, the subsidy program will cover up to 2,479,120 units, with support ending on July 31, 2026. Electric rickshaws and carts will receive backing until March 31, 2028, limited to 39,034 units.
Incentive Structure Adjustments
Incentive rates have also been adjusted. For electric two-wheelers in the current fiscal year (FY 2024-25), the subsidy is ₹5,000 per kWh, up to a maximum of ₹10,000 per vehicle. Starting April 2025 until the July 2026 deadline, these rates will halve to ₹2,500 per kWh, capped at ₹5,000. The maximum eligible ex-factory price for these vehicles is ₹1.5 lakh, with ₹1,772 crore allocated. For electric rickshaws and carts, the FY 2024-25 incentives are ₹5,000 per kWh, capped at ₹25,000 per vehicle. This will drop to ₹2,500 per kWh, capped at ₹12,500, for subsequent years until March 2028. These vehicles have a price cap of ₹2.5 lakh, supported by ₹50 crore in dedicated funds.
Fund Management and Future Outlook
This structured approach aims to prevent the early depletion of funds and ensure support is distributed consistently. Should the allocated money run out before the set deadlines, the relevant parts of the scheme will close, and no more claims will be accepted. The goal is to manage government spending wisely while still encouraging electric vehicle adoption across India.