Rs 500 Crore Electric Mobility Promotion Scheme Kicks In Today, Big Boost For EVs

Under the Electric Mobility Promotion Scheme 2024, significant incentives under the budget of Rs 500 Crore, are offered for electric two-wheelers and three-wheelers, to boost the adoption of green vehicles.

The Electric Mobility Promotion Scheme (EMPS) 2024, a transformative plan for EVs with a budget of Rs 500 crore is commencing today and will run until July 31, 2024. This scheme aims to revolutionize the electric mobility landscape in the country.

EMPS 2024

EMPS 2024 follows the successful conclusion of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program on March 31, 2024. This signals a renewed focus on accelerating the adoption of electric vehicles (EVs) nationwide.

Incentives for Two-Wheelers and Three-Wheelers:

• Under EMPS 2024, significant incentives are offered for electric two-wheelers and three-wheelers, to boost the adoption of green vehicles.
• Two-Wheelers:  The scheme provides up to Rs 10,000 in support for each electric two-wheeler, aiming to assist approximately 3.33 lakh such vehicles. 
• Small Three-Wheelers: E-rickshaws and e-carts can benefit from up to Rs 25,000 in assistance, benefiting over 41,000 vehicles.
• Large Three-Wheelers: Financial support could reach up to Rs 50,000 for larger three-wheelers.

Promoting Advanced Technologies:

EMPS 2024 is designed to promote advanced technologies in electric vehicles, particularly those equipped with advanced batteries. This focus aligns with the government's vision for a greener and more sustainable transportation ecosystem.

In line with the Atmanirbhar Bharat initiative, EMPS 2024 aims to foster a robust and competitive electric vehicle manufacturing sector within India. A Phased Manufacturing Programme has been introduced to encourage domestic manufacturing and strengthen the EV supply chain, creating significant job opportunities across the value chain.

Budget Allocation 

A total of Rs 500 crore budget has been allocated for EMPS 2024. This underscores the government's commitment to promoting electric mobility. Additionally, the Interim budget set aside Rs 2671.33 crore for the FAME III scheme, with further details expected to be revealed in the main budget scheduled for July 2024.