Government to offer electric bikes on two-year instalment plan
Sources indicate that the subsidy and installment scheme for electric bikes is in its final stages of preparation. Prime Minister Shehbaz Sharif is expected to unveil the new electric vehicle (EV) policy on Independence Day.
The scheme is being developed with the collaboration of the State Bank and the Bank Association. It will offer a subsidy of PKR 50,000 for each electric bike and rickshaw. The scheme will be available to individuals aged 18 to 65 years.
Read More: E-bike revolution: a road yet to be taken
The price of each electric bike is estimated to be around PKR 250,000, with the subsidy reducing the upfront cost. The remaining amount, over PKR 200,000, will be payable in installments.
According to sources, 17 companies have successfully obtained licenses to manufacture electric bikes under the scheme. The policy aims to have 30% of vehicles in the country be electric by 2030.
To ensure the success of the EV policy, the government will provide subsidies worth PKR 100 billion over the next five years. The breakdown of this subsidy includes PKR 9 billion for the current fiscal year, PKR 19 billion for 2027, PKR 24 billion for 2028, and over PKR 26 billion for 2029. For 2030, approximately PKR 23 billion will be allocated.
By 2030, the policy targets the production of 2.213 million electric vehicles. The goal for 2040 is to have 90% of vehicles be electric, with the target for a fully zero-emission vehicle fleet set for 2060.
The promotion of electric vehicles is expected to reduce the cost of imported fuel and eliminate environmental pollution caused by traditional vehicles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
5 hours ago
- Express Tribune
Govt presses China on Gwadar plan
Listen to article Pakistan has urged Chinese operators of Gwadar Port and its free zone to fulfil their contractual obligations by submitting a time-bound business plan for industrialisation, aiming to make the jewel of the China-Pakistan Economic Corridor (CPEC) fully operational. The issue of delays in fulfilling the Concession Agreement commitments by China Overseas Port Holding Company (COPHC) was raised during a meeting of the CPEC joint working group on Gwadar. The session took place more than a month before Prime Minister Shehbaz Sharif's scheduled visit to China for the Shanghai Cooperation Organisation (SCO) summit. According to government sources, Chinese officials were informed that Pakistan was still awaiting a comprehensive business plan for the Gwadar Free Zone. Islamabad asked for the investment schedule, performance indicators, and operational forecasts to guide industrialisation. Pakistan stressed the urgency of finalising the design, financing, construction, operation, and maintenance of the north free zone. They called for a clear, time-bound implementation strategy to transform Gwadar into a competitive transshipment hub and regional transit gateway, said the Ministry of Planning authorities. In August 2021, The Express Tribune reported that the Cabinet Committee on CPEC had found the Chinese marketing plan for Gwadar Port unsatisfactory. The matter has remained unresolved, although other projects, such as the international airport, allied services, and the first phase of the Eastbay Expressway, have progressed. Pakistan urged COPHC to fully utilise the port by developing a ship-refuelling facility, LPG terminal, and ship-to-ship refuelling operations. Officials noted that Gwadar Port and its free zone remain underperforming due to multiple issues. They called for an investment and marketing plan with clear timelines and roadshows to attract strategic Chinese investors and industries, added sources. Chinese representatives countered that the port needs more resources for sustainable operations. They proposed increasing shipping routes, policy support, and transit trade, and diverting part of Karachi Port's cargo to Gwadar. Pakistan has already implemented supporting policies to operationalise the port, yet COPHC has not prioritised the north free zone's development and industrialisation. During the meeting, Gwadar Port authorities pushed for expedited construction of roads, water, and power infrastructure in the north free zone. To make the port economically viable, Pakistan has withdrawn the bank guarantee requirement for Afghan transit cargo. It has also granted exemptions from the Export Policy Order to prospective Chinese investors, allowing the export of potassium sulphate. According to the new regulation notified by the Ministry of Commerce, two Chinese companies, Agven Private Limited and Hangeng Trade Company Private Limited, have been allowed to export the fertiliser. Authorities believe that building the breakwater and dredging berthing areas will require significant funds. These investments would not be viable without first expediting transshipment operations, cargo throughput, and business activity. Some progress has been made elsewhere. Feasibility studies for the Gwadar Railway link and the second phase of the Eastbay Expressway, a 13.5km project, were completed in December last year. The completion of the second phase of this project will improve connectivity between the port and Gwadar International Airport. Pakistan has proposed signing the framework agreement for this phase either during the prime minister's visit or at the 14th Joint Cooperation Committee meeting. Negotiations with China are planned to secure grants for the Eastbay Expressway project. Islamabad also urged Beijing to meet remaining development responsibilities under the concession agreement. These include building the internal infrastructure of the north free zone, submitting a five-year business plan, and quickly operationalising port-based value-added services. Chinese experts visited Gwadar in July last year to address bottlenecks. They identified poor connectivity, inadequate utilities, and trade barriers as major issues. They acknowledged Pakistan's efforts over the past year to speed up operations, including regulatory approvals, support for transshipment, and tax exemptions. Chinese officials acknowledged Pakistan's measures over the past year to accelerate the operationalisation of Gwadar Port and the free zone, including regulatory approvals, support for transshipment, and tax exemptions, the sources said. Pakistan has committed to routing 60% of all public sector cargo through Gwadar. It has facilitated Afghan transit trade, allowed up to 50% of export proceeds to be used in foreign currency, and withdrawn the minimum turnover tax. However, China has asked Pakistan to further increase the public sector cargo share beyond the agreed 60%, said sources. Officials reported that electricity and water supply infrastructure is now complete for both the north and south free zones. These zones are connected to the national grid via the Gwadar grid. A desalination plant producing 1.2 million gallons per day is fully operational, with two dedicated water supply lines laid to the north free zone's doorstep.
Business Recorder
6 hours ago
- Business Recorder
Fast-track tourism projects in key regions: PM orders immediate launch
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday directed the immediate launch of implementable, fast-track tourism projects in key regions including Gilgit-Baltistan, Azad Jammu and Kashmir, and Islamabad, aimed at delivering early results and positioning Pakistan's tourism sector as a major driver of economic growth. Chairing a meeting at the Prime Minister's Office, the premier lauded the 'timely and practical' vision presented by Sardar Yasir Ilyas Khan, the PM's National Coordinator on Tourism, who unveiled a comprehensive roadmap for transforming the country into a regional hub for religious, medical, and leisure tourism. Sardar Yasir highlighted Pakistan's diverse natural and cultural assets — from snow-capped mountains and ancient civilisations to deserts, forests, rivers, and a vast coastline — as untapped opportunities for economic revival. PM Shehbaz unveils bold vision to promote tourism He revealed that 20 new tourist destinations have been identified for phased development and proposed hosting a National Tourism Expo and Investment Conference in Islamabad to attract stakeholders from across the industry. The meeting was attended by key federal cabinet members and senior officials, including Minister for Economic Affairs Ahad Khan Cheema, IT and Telecom Minister Shaza Fatima Khawaja, Railways Minister Hanif Abbasi, Culture and Heritage Minister Aurangzeb Khichi, Adviser on Inter-Provincial Coordination Rana Sanaullah, Special Assistant Huzefa Rehman, Minister of State for Finance and Railways Bilal Azhar Kayani, and Principal Secretary Dr Tauqir Shah. Copyright Business Recorder, 2025
Express Tribune
8 hours ago
- Express Tribune
Minorities pay tribute to Quaid, vow unity, sacrifice for Pakistan
Leaders from Christian, Sikh, Hindu, and other minority communities gathered at Mazar-i-Quaid as part of Independence Day celebrations. The ceremony featured floral tributes, national slogans, and emotional vows to defend the country at all costs. PHOTO: EXPRESS In a vibrant show of patriotism and solidarity, the Pak Christian Foundation organised a special ceremony at Mazar-i-Quaid on Saturday to commemorate Independence Day and honour the enduring struggle of Marka-e-Haq. The event brought together leaders and members of Pakistan's diverse minority communities in a powerful display of national unity. Prominent representatives from the Christian, Sikh, Hindu, and other minority communities participated in the event. They visited the mausoleum of the Founder of the Nation Quaid-i-Azam Muhammad Ali Jinnah, and laid floral wreaths to pay homage to his legacy. The participants offered heartfelt tributes to Quaid-i-Azam and raised patriotic slogans, including "Pakistan Zindabad" and "Pak Army Zindabad." They also expressed profound appreciation for the armed forces of Pakistan and their historic success in Operation Baniyan Marsous, acknowledging the sacrifices made in the fight for peace and stability. Pak Christian Foundation President Tariq Samuel addressed the gathering and emphasised that minority communities are playing a vital role in Pakistan's development and progress. He asserted that minorities in Pakistan are safe, respected, and proud to contribute to the nation's growth. "We strongly condemn all forms of terrorism," he said. "We salute the martyrs of our security forces who laid down their lives defending the country." Reaffirming their commitment to national defense, Samuel declared, "minority communities are always ready to make any sacrifice necessary for the protection and security of our homeland. We are celebrating Independence Day with full enthusiasm - we are all united under the shadow of this flag."
