To accelerate the adoption of electric vehicles (EVs) across the country, the Government of India has launched the Electric Mobility Promotion Scheme (EMPS), in 2024. With the budget allocation of Rs 500 crore, for the scheme. starting from April 1, 2024, is an important step towards green transport solutions.
Focus on Two and Three Wheelers
Particular emphasis has been placed on promoting the sales of electric two and three-wheelers under the EMPS 2024. This is because the sector has been identified as critical to transitioning to a more sustainable mobility sector. The EMPS 2024 has been launched following the end of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles program on March 31, 2024. The Indian government has, however, reiterated its commitment to advancing e-mobility, and thus the inception of a new scheme.
Incentives to Drive Adoption
Unveiling the scheme, Heavy Industries Minister Mahendra Nath Pandey said that this government was committed to a strong push for e-mobility. In a bid to stimulate the masses to choose electric automobiles within the EMPS 2024, largely lucrative incentives are given7. A support of Rs 10,000 per 2-wheeler will be offered, which would help an estimated 3.3 lakh buyers. Regarding small three-wheelers, such as e-rickshaws and e-carts, a subsidy of Rs 25,000 will be provided, with benefits for more than 31,000 vehicles. Even financial support of Rs 50,000 will prevail for more than 40 large three-wheelers.
Deadline and Eligibility
The scheme will last for four months, expiring in July 2024. Nevertheless, it is noteworthy that the e-vehicles having received the above-mentioned subsidies under the second phase of FAME shall be valid if acquired before March 31, 2024, or when the approved targeted recompense is encashed. The 2023 showed a surge in EV sales which grew by 50% to reach 1.53 million units . Overall, 15,26,319 electric vehicles were registered in India in 2023. Thus, electric mobility continued its upward trend.
