 "electric two wheeler")
The new Rs 500 crore scheme to promote electric mobility in India will come into force from Monday and continue till the end of July.
Meanwhile, the second phase of FAME, or Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, ends on March 31, 2024.
Subsidies under the FAME scheme will be eligible for e-vehicles sold till March 31, or till the time funds are available.
The Rs 500 crore Electric Mobility Promotion Scheme 2024 (EMPS 2024) scheme is being introduced by the Ministry of Heavy Industries to further accelerate the adoption of electric vehicles (EVs) in the country.
Under EMPS 2024, a support of up to Rs 10,000 per two-wheeler will be provided. The aim is to provide support for about 3.33 lakh two-wheelers.
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A support of up to Rs 25,000 will be given for the purchase of small three-wheelers (e-rickshaw and e-carts). More than 41,000 such vehicles will be provided incentives under the scheme.
The financial support will be up to Rs 50,000 in case of a large three-wheeler.
The EMPS 2024 is a fund-limited scheme with a total outlay of Rs 500 crore for four months -- from April 1, 2024 till July 31, 2024 -- for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W) to provide further impetus to the green mobility and development of EV manufacturing ecosystem in the country announced by the Heavy Industries Ministry on March 13.
The scheme aims to support 3,72,215 EVs. To encourage advanced technologies, the benefits of incentives will be extended to only those vehicles that are fitted with advanced batteries, the ministry had said.
As part of the Atmanirbhar Bharat initiative of the government, the EMPS 2024 promotes an efficient, competitive and resilient EV manufacturing industry in the country. For this purpose, the Phased Manufacturing Programme has been adopted that encourages domestic manufacturing and strengthening of the EV supply chain.
It would also create significant employment opportunities along the value chain.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
