Electric bikes to be offered on easy two-year installments under new Govt scheme

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ISLAMABAD (Kashmir English): In a move to promote eco-friendly transportation and reduce reliance on imported fuel, the federal government has decided to provide 116,000 electric bikes to citizens on two-year installment plans.

According to official sources, the installment and subsidy scheme for electric bikes is in its final stages. Prime Minister Shehbaz Sharif is expected to formally announce the initiative as part of a new Electric Vehicle (EV) policy on Independence Day, August 14.

Under the scheme, each applicant will receive a subsidy of Rs. 50,000 on the purchase of an electric bike. The estimated cost of each bike is Rs. 250,000, with the remaining amount to be paid in easy monthly installments. The program is being developed in collaboration with the State Bank of Pakistan and the Pakistan Banks’ Association.

Eligibility criteria for bikes scheme

The eligibility criteria for this electric bikes scheme include an age range of 18 to 65 years. A total of 17 companies have been granted licenses to manufacture electric bikes in the country. The government has set a target of 30% electric vehicle usage by 2030 under this policy.

To ensure the success of the EV policy, the government plans to allocate a total subsidy of Rs. 100 billion over five years.

  • For the current fiscal year, Rs. 9 billion will be allocated.

  • For 2027, Rs. 19 billion.

  • In 2028, over Rs. 24 billion.

  • In 2029, over Rs. 26 billion.

  • And by 2030, approximately Rs. 23 billion in subsidies.

The target is to produce 2.213 million electric vehicles by 2030, with an estimated 90% EV penetration by 2040. The goal is to reach a 100% zero-emission vehicle fleet by 2060.

The promotion of the electric vehicle policy is expected to reduce the cost of imported fuel and help combat environmental pollution through the use of eco-friendly electric vehicles.

By 2030, the government plans to introduce 2.2 million electric vehicles, with the ultimate aim of reaching 90% EV penetration by 2040 and 100% zero-emission vehicles by 2060.

The promotion of the electric vehicle policy is expected to reduce the cost of imported fuel and help combat environmental pollution through the use of eco-friendly electric vehicles.

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