The Minister of Heavy Industries in India, Mahendra Nath Pandey has announced the initiation of the Electric Mobility Promotion Scheme (EMPS) 2024. This move comes as a strategic shift from the ongoing Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) initiative, which was slated to conclude on March 31st, 2024. However, the government has rebranded and extended the program until July 31, 2024.
Additional Funding and Coverage
Pandey disclosed that the government has allocated an additional INR 500 Cr to facilitate demand incentives for electric 2-wheelers and 3-wheelers over the next 4 months. This allocation underscores the government’s commitment to incentivize the adoption of electric vehicles across the country.
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Support for Electric Vehicles
Sanctioned by the Ministry of Heavy Industries (MHI), the Electric Mobility Promotion Scheme 2024, is specifically tailored to bolster the utilization of electric 2-wheelers, 3-wheelers and e-rickshaws.
Revised Incentive Structure for 2-wheelers
There have been significant adjustments to the incentive structure under the said Electric Mobility Promotion Scheme 2024.
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Revised Incentive Structure for 3-wheelers
For electric 3-wheelers, the incentive has been bifurcated based on the capacity of the Battery. E-rickshaws are eligible for an incentive of INR 25,000, while electric 3-wheelers equipped with higher battery capacities can avail themselves of a subsidy of INR 50,000.
