Starting today, a new Rs 500 crore plan is set to transform electric mobility across India.
Lasting until the end of July, the Electric Mobility Promotion Scheme (EMPS) 2024 is geared towards speeding up the adoption of electric vehicles (EVs) throughout the country.
This initiative comes hot on the heels of the conclusion of the second phase of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) program on March 31, 2024, as reported by TOI.
Under the FAME scheme, subsidies will be available for electric vehicles sold until March 31 or until funds run out.
Electric Mobility Promotion Scheme (EMPS) 2024: What’s On Offer?
Named the Electric Mobility Promotion Scheme (EMPS) 2024, it offers incentives for buying electric two-wheelers and three-wheelers. Having saig that, EMPS 2024 aims to offer up to Rs 10,000 in support for each two-wheeler, with a target of aiding around 3.33 lakh two-wheelers.
Small three-wheelers (e-rickshaws and e-carts) could enjoy up to Rs 25,000 in assistance, benefiting over 41,000 vehicles. For larger three-wheelers, financial support could soar up to Rs 50,000.
This four-month scheme, from April 1 to July 31, 2024, with its Rs 500 crore budget, aims to accelerate the uptake of electric two-wheelers (e-2W) and three-wheelers (e-3W), nurturing green mobility and bolstering the EV manufacturing ecosystem.
With a target of supporting 3,72,215 EVs, EMPS 2024 promotes advanced technologies, favoring vehicles equipped with advanced batteries.
Aligned with the government’s Atmanirbhar Bharat initiative, EMPS 2024 strives to cultivate an efficient, competitive, and robust electric vehicle manufacturing sector in the country.
To achieve this, a Phased Manufacturing Programme has been put in place to promote domestic manufacturing and fortify the EV supply chain, promising substantial job opportunities along the value chain.
While the Interim budget this year earmarked Rs 2671.33 crore for the FAME III scheme, further details are anticipated to be unveiled by the new government in the main budget come July 2024.
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