As of today, a new Rs 500 crore plan will revolutionize electric mobility in India.
The Electric Mobility Promotion Scheme 2024 runs through the end of July 2024 and is specifically designed to accelerate the usage of electric vehicles EV throughout India
TOI recently stated in an article that this new program has been announced to the conclusion of the second phase of the FAME Faster Adoption and Manufacturing of Electric Vehicles program on March 31, 2024.
ELECTRIC MOBILITY PROMOTION SCHEME (EMPS) 2024: WHAT’S ON OFFER?
Dubbed the Electric Mobility Promotion Scheme 2024, it incentivizes the purchase of electric two-wheelers and three-wheelers.
In that regard, it is anticipated that EMPS 2024 will seek to provide support to the tune of Rs 10,000 for each two-wheeler, reaching out to approximately 3.33 lakh two-wheelers.
Small three-wheelers which are e-rickshaws and e-carts, on the other hand, may receive up to Rs 25,000 each benefiting more than 41,000.
The figure could rise to up to Rs 50,000 for a larger three-wheeler.
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 aims to build an efficient, competitive, and strong electric vehicle manufacturing sector.
The Phased Manufacturing Programme, under the schedule, would support produce more of the systems in the domestic market to strengthen hollow sections of the EV supply chain, earning many jobs all across the chain.
The Interim budget allocated Rs 2671.33 crore for the FAME III scheme, but additional components will be revealed by the new government in the main budget, anticipated in July 2024.
