ECC Approves Rs9 Billion Subsidy to Boost Electric Vehicles
The Economic Coordination Committee (ECC) has approved a Rs9 billion subsidy aimed at promoting electric bikes and rickshaws in Pakistan, according to a statement from the Finance Division.
The decision was made during a meeting chaired virtually by Finance Minister Muhammad Aurangzeb on Tuesday. The proposal, submitted by the Ministry of Industries and Production, was part of a broader discussion on energy vehicle policy and other economic matters.
As per the approved plan, the subsidy will be used to support the phased rollout of 116,000 electric bikes and 3,170 electric rickshaws/loaders. The initiative will begin with the distribution of 40,000 electric bikes and 1,000 electric loaders under the Prime Minister’s EV programme.
Currency Converter
Officials said the scheme also includes providing free electric bikes to top-performing students from public colleges.
In addition to the electric vehicle policy, the ECC approved a Rs30 billion technical supplementary grant to settle outstanding claims under the Telegraphic Transfer Charges Incentive Scheme. These claims, from the previous fiscal year, amount to over Rs58 billion.
The committee also gave conditional approval for a Rs2 billion grant to Quaid-i-Azam University, subject to the university submitting a plan to ensure long-term financial sustainability.
Meanwhile, in a separate initiative, Punjab’s Senior Provincial Minister Marriyum Aurangzeb announced a Rs100,000 cash reward for motorcyclists who convert petrol-powered bikes into electric vehicles.
