Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

Budget 2019: Government reduces subsidy for electric vehicles by 25% to Rs 195 cr

This is the first such sequential drop in provision provided by the government since the launch of FAME scheme.

February 04, 2019 / 04:11 PM IST
Budget 2019_Piyush Goyal

Budget 2019_Piyush Goyal

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The Centre has slashed subsidy on electric vehicles for the next financial year by 25 percent to Rs 195 crore, according to Union Budget 2019 documents.

Subsidy for the current financial year stands at Rs 260 crore. This is the first such sequential drop in provision provided by the government since the scheme Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) was launched nearly four years ago.

While the government had kept aside Rs 260 crore as subsidy for the current financial year (2018-19) it was revised downwards to Rs 145 crore.

There has been a sequential growth in subsidy in the previous years. The actual subsidy in 2015-16 when the scheme was launched stood at Rs 74.99 crore. In 2016-17 government had budgeted Rs 122.90 crore. In 2017-18 the budget was for Rs 175 crore whereas the actual subsidy provided was Rs 165 crore.