ISLAMABAD: In a move to reduce usage of costlier fuel and protection of environment, the ministry of Industries and Production has devised an Electric Bike Scheme under which the ministry has proposed subsided and bank financing plans for promotion of usage of the Two Wheelers (E-Bikes) in the country.
According to documents available with this scribe, the ministry has devised the scheme to initially produce at least 100000 E-Bikes in 18 months. For running the new bikes on roads, the ministry has proposed a subsidy of Rs 17.5 billion in three years to encourage the purchase of comparatively costlier bikes.
As per the plan the government would bear down payment of Rs 90000 of an E-Bike with estimated cost of Rs 170000 whereas the purchaser will pay Rs 10000 as share of down payment making the total down payment to Rs 100000. The bank, which will provide a commercial loan of Rs 70000, will charge interest of Kibor+2 or 19 percent which is estimated to be Rs 13300.
Through the proposed scheme, a 24 monthly installment plan has also been given under which the customer will be paying Rs 4310 per month which includes the principal amount of Rs 2917, interest payment of Rs 1109 and insurance payment (2pc) of Rs 284.
Under the plan the ministry expects production/sale of 15000 e-bikes during the ongoing fiscal year whereas 60000 and 100000 e-bikes are targeted to be produced in 2022-23 and 2024-25 respectively making the total production to 175000 bikes in three years.
Through the subsidized program, the e-bikes would be provided to students with salaried parent, female students / employees (20% quota), transgender persons (1% quota), government employees, private sector salaried / self-employed individuals with NTN & Bank Account, Government / Armed Forces pensioners and Imam Masjid / Hafiz Quran / Muazzam, duly qualified from institute recognized by Government of Pakistan (endorsed by M/o Religious Affairs).
For success of the program, the ministry has suggested three subsidy models for the scheme including Cash Purchase Model, under which government will share Rs 100,000 through banks as processing agents and consumer would pay lump sum Rs. 70,000 from own sources. Under the Govt Subsidy Leasing Model, the Rs 100,000 aer met on sharing basis by government and consumer whereas Rs. 70,000 would be provided by banks as loan with 50% Credit Guarantee by government. Under the Govt Subsidy Leasing Model 2, 30% Down Payment of subsidy will be met by the government with 50% financing subsidy and 50% Credit Guarantee.
For promoting the locally assembled E-Bikes and allied parts (Lithium-Ion, swappable, batteries), the ministry has proposed to make arrangements of charging at home or workplace using home/personal chargers, government offices and Universities. It has suggested that PSO may be given task to install EV chargers at select outlets in target city and special meters for commercial charging stations, metering as per solar tariff
Scheme may be initially started as a Pilot Project for 2022-23 in Islamabad, Peshawar, Quetta, Lahore and Karachi.
Cabinet meeting on E-Bike Scheme:
The new scheme was presented in the meeting of the Federal Cabinet here on Wednesday in which a detailed briefing was given by officials of Engineering Development Board (EDB) and the Ministry of Industries and Production.
As per an official statement, at present there are 90 companies manufacturing motorcycles and auto rickshaws in Pakistan and the country has the capacity to manufacture 6 million motorcycles annually.
It was further informed in the meeting that 22 companies have been issued licenses to manufacture E-Bikes in Pakistan. The meeting was further informed that the promotion of E-Bikes in Pakistan will save a lot in terms of fuel. The use of E-Bikes will not only save fuel, but these eco-friendly electric bikes will also reduce carbon emissions.
As per officials, the Prime Minister has referred the scheme to the Economic Coordination Committee for further deliberation and working on the financial model.
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This capability will happen on 31st December 2022 at Bahria town Karachi. The individuals who are searching for the timing can visit this spot from 7 pm till 12 PM. In the event that you will go on time, you will be able to get a seat close to the stage.
Import of electric vehicles, including 02 and 04 wheelers, will be based on reduced taxes and huge fx drain. These steps are only to circumvent the actual problem, which is to revive public affordable transport including car owners. After all it is the cars where consumption of fuel is higher compared to 02 wheelers. In all major cities including Karachi, Lahore, Faisalabad, etc the public transport currently plying on roads is either insufficient or the routes have not been properly designed. Moreover in a city like Karachi, first step should have been to revive KCR instead of wasting billions on green, red, orange, etc lines. Similarity if you visit Lahore, during traffic hours, especially Gulberg or liberty or Canal road areas, the poor planning or insufficient capacity of public transport can be easily seen. As Parveen Rahman used to say, we do-not need mega projects but mega management, as each project is either built poorly or managed poorly.
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