Government E-Bike Manufacturing Plan | 8171 Instalment Plan 2024

Government E-Bike Manufacturing Plan | 8171 Instalment Plan 2024

The federal government is planning to manufacture 100,000 e-bikes within 18 months as part of its strategy to promote energy conservation and reduce carbon emissions. The Economic Coordination Committee (ECC) is currently evaluating the program, which aims to incentivize the adoption of electric bikes through substantial subsidies.

Government E-Bike Manufacturing Plan

There isn’t currently a nationwide government plan for e-bike manufacturing in Pakistan. However, the Punjab government’s “Electric Bicycle Plot 2024” offered 10,000 interest-free, monthly installment e-bikes to students in 2024. This program is specific to Punjab and might not be available anymore depending on the application deadline. You can’t apply for it through the 8171 program but might find details on the Punjab Bikes scheme website (https://bikes.punjab.gov.pk/).

Production and Subsidy Details

According to documents from ProPakistani, the Ministry of Industries and Production (MoIP) is leading the initiative to ensure the production of at least 100,000 e-bikes within the first 18 months. The government has proposed subsidies amounting to Rs. 17.5 billion to make e-bikes more accessible, given their relatively higher price compared to petrol-powered counterparts.

Subsidy Structure

Under the proposed scheme, the government will provide a significant down payment of Rs. 90,000 towards an e-bike priced at Rs. 170,000. The buyer’s initial payment will be Rs. 10,000, with the remainder covered by a bank loan. The loan will carry an interest rate of Kibor+2 or approximately 19%, translating to around Rs. 13,300 for a commercial loan of Rs. 70,000.

8171 Instalment Plan

The installment plan spans over 24 months, with customers required to pay Rs. 4,310 monthly. This installment consists of Rs. 2,917 towards the principal amount, Rs. 1,109 as interest, and Rs. 284 or 2% for insurance.

Production Forecast

The Ministry anticipates manufacturing and selling 15,000 e-bikes in the current fiscal year (2022-23), followed by 60,000 and 100,000 in fiscal years 2023-24 and 2024-25, respectively, totaling 175,000 e-bikes produced over three years.

Eligibility and Quotas

The e-bike scheme will cater to various segments, including students with salaried parents, female students, and employees (with a 20% quota), transgender individuals (1% quota), government employees, private sector salaried or self-employed individuals with NTN and bank accounts, and government and armed forces pensioners. Additionally, specific religious personnel such as Imam-e-Masjid, Hafiz-e-Quran, and Muazzins meeting recognized qualification criteria are eligible. Read Complete Guide: Benazir Income Support Programme (BISP) For Eligible Families 2024

Subsidy Leasing Model

Under a leasing model with subsidies, both the government and consumers will contribute Rs. 100,000, while banks will provide a loan of Rs. 70,000. The government will guarantee 50% of the credit amount.

Launch Locations

The program is expected to launch initially in Islamabad, Peshawar, Quetta, Lahore, and Karachi.

FAQs

How can one avail of the e-bike subsidy?

Interested individuals meeting the eligibility criteria can participate in the scheme through designated banks once the program is launched.

What are the benefits of opting for an e-bike under this scheme?

E-bikes offer energy conservation benefits, reduced carbon emissions, and a cost-effective transportation solution over the long term.

When is the expected launch date for this e-bike scheme?

The government is yet to finalize the launch date, pending evaluation by the Economic Coordination Committee (ECC).

Conclusion

The federal government’s e-bike manufacturing plan represents a significant step towards promoting sustainable transportation and reducing environmental impact. The proposed subsidies and installment plans aim to make e-bikes more accessible to a diverse range of eligible individuals across Pakistan, fostering both economic and environmental benefits

FAQs

How do I apply for an E-Bike under the 8171 Installment Plan?

There isn’t enough information available publicly on the application process. You might need to wait for an official announcement from the Punjab government.


Is there a specific website to apply?

There might be a designated website for applications and information on available E-Bike models. Keep an eye on official Punjab government channels for updates.

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