In a bid to accelerate the adoption of electric vehicles (EVs) across the nation, the Indian government has introduced a scheme titled the Electric Mobility Promotion Scheme (EMPS), 2024. With an allocated budget of Rs 500 crore, this initiative is set to kickstart from April 1, 2024, marking a pivotal move towards greener transportation solutions.
Focus on Two and Three Wheelers
Under the EMPS 2024, particular emphasis is placed on promoting the sales of electric two and three-wheelers. This sector has been identified as crucial for transitioning towards a more sustainable mobility landscape.
The launch of EMPS 2024 comes at the heels of the conclusion of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) program, which ended on March 31, 2024. The government's commitment to advancing e-mobility remains unwavering, as reflected in the initiation of this new scheme.
Incentives to Drive Adoption
Heavy Industries Minister Mahendra Nath Pandey, while unveiling the scheme, highlighted the government's dedication to propelling e-mobility forward. Under EMPS 2024, substantial incentives are provided to encourage consumers to opt for electric vehicles.
- A support of Rs 10,000 per 2-wheeler will be extended, aiming to assist approximately 3.3 lakh buyers.
- For small three-wheelers such as e-rickshaws and e-carts, a subsidy of Rs 25,000 will be granted, benefiting over 31,000 vehicles.
- Furthermore, financial support of Rs 50,000 will be available for the purchase of large three-wheelers, amplifying the drive towards electrification.
Deadline and Eligibility
The scheme is slated to run for four months until July 2024. Importantly, subsidies under the second phase of the FAME scheme will remain applicable to e-vehicles sold until March 31, 2024, or until the allocated funds are exhausted. In 2023 alone, EV sales surged to 1.53 million units, representing a remarkable 50% increase from the previous year. With 15,26,319 electric vehicles registered in India during 2023, the trajectory towards sustainable transportation is steadily gaining momentum
