The second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME II) program across the country has ended on March 31, 2024. In such a situation, there is a possibility of increase in the prices of battery operated vehicles including electric two-wheeler, three-wheeler and car. However, today the Electric Transport Promotion Scheme 2024 (EMPS 2024) has started from April 1, for which Rs 500 crore has been allocated.
In India, there is increasing emphasis on electrification of vehicles and along with this, efforts to attract people towards EVs have also intensified. In such a situation, a new scheme of Rs 500 crore to promote electric transport came into effect from Monday, April 1, 2024 and it will continue till the end of July. Meanwhile the second phase of FAME II program ended on 31 March 2024. The subsidy under the FAME scheme was earlier said to be available for e-vehicles sold till March 31 or till funds become available.
Will there be any benefit?
Let us tell you here that to further accelerate the adoption of electric vehicles (EV) in the country, the Ministry of Heavy Industry has launched Electric Mobility Promotion Scheme 2024 (EMPS 2024) worth Rs 500 crore. Under EMPS 2024, assistance up to Rs 10,000 per two-wheeler will be provided. It aims to provide support for approximately 3.33 lakh two-wheelers. Assistance up to Rs 25,000 will be given on the purchase of small three-wheelers (e-rickshaw and e-cart). Under the scheme, incentives will be provided to more than 41,000 such vehicles. In case of large three-wheeler, financial assistance will be up to Rs 50,000.
For a limited time…
EMPS 2024 is a fund limited period scheme. In this, a total expenditure of Rs 500 crore will be spent for 4 months i.e. from 1 April 2024 to 31 July 2024 for rapid adoption of electric two-wheelers (E-2W) and three-wheelers. The Ministry of Heavy Industries announced this on March 13 to further accelerate the development of green transportation system and electric vehicle manufacturing ecosystem in the country. The scheme aims to support 3,72,215 electric vehicles.
The Ministry of Heavy Industries had said that to encourage advanced technologies, the benefit of incentives will be given only to those vehicles which have advanced batteries. The scheme is also expected to create a large number of job opportunities.