E-rickshaws & bikes under PAVE scheme: Govt fast-tracks subsidy disbursement
ISLAMABAD: The government, under the Pakistan Accelerated Vehicle Electrification (PAVE) scheme, has fast-tracked the process of transferring Rs80,000 in subsidies for electric rickshaws and Rs40,000 for electric bikes.
This was stated by Chief Executive Officer (CEO) of the Engineering Development Board (EDB), Hamad Ali Mansoor, while reviewing the progress on the Prime Minister’s PAVE scheme here on Wednesday. The process of providing electric bikes, rickshaws, and loaders on easy installments, along with subsidy payments, has commenced.
Mansoor said the government of Pakistan plans to provide approximately Rs9 billion in subsidies during the current fiscal year under the PAVE Scheme, with a target of exceeding Rs100 billion in subsidies by 2030 as by then the government has targeted to have 30 percent electric vehicles in the country which will have multiple, environmental, economical and technological benefits for the people as well as for the country.
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Additionally, electric bikes and rickshaws are being provided on easy installments through bank leasing. The initiative aims to provide the public with affordable and environmentally friendly transportation and reduce the country’s dependence on fuel.
Under this scheme, electric bikes are being offered a subsidy of up to PKR 80,000, which is being directly transferred to the approved bank accounts of applicants through the State Bank of Pakistan.
In the first phase of the scheme, subsidies are being provided to 41,000 recipients of electric vehicles, including 40,000 electric bikes, 1,000 electric rickshaws, and 1,000 electric loaders.
The transfer of subsidy amounts to approved applicants of the first phase is progressing rapidly. He further stated that the second phase of the scheme is about to begin, which plans to provide subsidies on over 78,000 electric vehicles.
As per the scheme, only individuals who obtain electric bikes, rickshaws, or loaders through an approved procedure under the PAVE Scheme will be eligible for the government subsidy. The CEO of the Engineering Development Board said that under this scheme, electric bikes are being made available on easy installments to students, youth, and women.
This government initiative is expected to help reduce fuel import bills, combat environmental pollution, and promote alternative energy sources, The scheme aims to promote the use of electric vehicles in the country, reduce environmental pollution, strengthen local industry, and foster a sustainable and eco-friendly transport system.
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