The Ministry of Heavy Industries announced a new scheme with an outlay of Rs 500 crore for the initial four months starting April 2024.
The scheme, titled the E-Mobility Promotion Scheme 2024 (EMPS 2024), primarily targets the promotion of electric 2-wheelers and 3-wheelers, aiming to accelerate the transition towards cleaner and sustainable modes of transportation.
Heavy Industries Minister Mahendra Nath Pandey, while unveiling EMPS 2024, reiterated the commitment of the Modi government towards fostering e-mobility initiatives nationwide. He emphasized the scheme's pivotal role in propelling India towards a greener and more eco-friendly transportation ecosystem.
Scheduled to run for four months until July 2024, EMPS 2024 is designed to incentivize the adoption of electric vehicles through financial support mechanisms.
Under the scheme, a subsidy of Rs 10,000 per electric 2-wheeler will be provided, with the aim of extending support to approximately 3.3 lakh 2-wheelers. Small electric three-wheelers, including e-rickshaws and e-carts, will receive a subsidy of Rs 25,000 per vehicle, benefitting over 31,000 such vehicles.
For the purchase of large electric three-wheelers, a substantial subsidy of Rs 50,000 will be extended, further incentivizing the adoption of cleaner modes of transportation in the commercial sector.
It's noteworthy that the announcement comes as the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) program draws to a close on March 31, 2024. The EMPS 2024 is set to take its place, ensuring the continuity of efforts to promote e-mobility in the nation.
It's emphasized that subsidies under the FAME-II scheme will remain applicable to e-vehicles sold until March 31, 2024, or until the allocated funds are exhausted, providing a transitional period for continued support towards EV adoption.
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