MAKING USE OF ELECTRIC BUSES: ELECTRIFYING PUBLIC TRANSPORT
GOVERNMENT DEPLOYS ELECTRIC BUSES:
The Government of India has approved a plan to deploy 10,000 electric buses in 169 cities over the next 10 years. The scheme will cost around 580 billion rupees ($7 billion), and the federal government will fund 200 billion rupees of this. The remaining funds will come from state governments or private companies.
The scheme is part of the government’s efforts to promote EVs and reduce air pollution. People see electric buses as a cleaner and more sustainable alternative to diesel buses.
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The government will implement the scheme through a public-private partnership model. This means that the government will work with private companies to finance, build, and operate these buses.
It is expected to create around 45,000 to 55,000 direct jobs. It will also help to reduce air pollution and improve the quality of life in Indian cities.
ELECTRIC BUSES MANUFACTURERS GETTING REWARDED ALREADY
Shares of green bus makers Olectra Greentech and JBM Auto rose after the news of the government’s plan to deploy 10,000 electric buses in 169 cities. Olectra Greentech’s shares closed up 8.8%, while JBM Auto’s shares closed up 10.1%. Tata Motors, which also makes EVs, was up 1.9%. Ashok Leyland, which has a unit that makes electric buses, pared a 2.5% rise to settle 0.9% higher.
INCENTIVISING THE USE OF ELECTRIC BUSES
The government’s push for electric public transportation vehicles is part of its efforts to cut emissions and reduce fuel imports. The government is offering incentives to companies that build electric vehicles and parts in India. The plan will create jobs, boost the electric bus industry in India, and help reduce air pollution in Indian cities.
Here are some additional details about the government’s incentives for electric vehicles:
- The government is offering a subsidy of up to ₹15 lakh ($19,000) for the purchase of E.V. buses.
- The government is also offering a tax break of up to ₹50,000 ($650) for the purchase of E.V. buses.
- The government is also providing interest-free loans for the purchase of E.V. buses.
The government expects its incentives to make green buses more affordable and accessible to businesses and individuals. This is likely to boost the demand for electric buses in India.