Modi Govt announces 2024 EMPS scheme for electric mobility: Budget outlay, segment distribution and more

Mar14,2024



with the end of FAME-II Scheme To promote the commitment of the Central Government on 31st March electric mobility It is firm in India. Instead, the government led by PM Narendra Modi has announced Electric Mobility Promotion Scheme 2024 ,emps 2024), signaling a renewed effort to advance electric vehicle adoption in the country.
EMPS 2024: Budget outlay and validity
With a total outlay of Rs 500 crore for a period of four months from April 1, 2024 to July 31, 2024, the scheme aims to accelerate the rapid adoption of electric two-wheelers (E-2W) and three-wheelers (E-2W). To encourage. -3W), provides a significant boost to green mobility and development of EV Manufacturing Ecosystem in India.

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EMPS 2024: Sections included
Under EMPS 2024, eligible EV categories include electric two-wheelers and three-wheelers, including registered e-rickshaws, e-karts and L5 category vehicles. The scheme primarily targets E-2W and E-3W registered for commercial purposes, the benefit also extends to registered E-2W vehicles owned privately or corporately.
EMPS 2024 has been allocated a fund of Rs. Rs 493.55 crore has been earmarked specifically to encourage the above mentioned segments.
The scheme aims to support the adoption of 3,72,215 EVs, comprising 3,33,387 E-2W and 38,828 E-3W, including 13,590 rickshaws and e-karts and 25,238 E-3W in the L5 category. It is worth noting that the incentive will be provided only to vehicles equipped with advanced battery systems.
Additionally, MHI also increased the budget for FAME II by an additional Rs 1,500 crore. The government announced that the subsidy provided under the scheme will be applicable to vehicles sold till March 31, or until the funds are exhausted, whichever is earlier.



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