Rs 500 Crore Scheme To Accelerate EV Adoption Commenced From Today

New Delhi, Apr 1 (KNN) India's push towards electric mobility has received a significant boost as a new Rs 500 crore scheme, aimed at accelerating the adoption of electric vehicles (EVs), kicks off today.

Dubbed the Electric Mobility Promotion Scheme (EMPS) 2024, this four-month initiative, running until the end of July, is geared towards speeding up the transition to EVs across the country.

The EMPS 2024 comes on the heels of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program, which concluded on March 31, 2024.

Under the previous FAME scheme, subsidies were available for electric vehicles sold until March 31 or until the funds were exhausted.

With a budget of Rs 500 crore, the EMPS 2024 offers incentives for the purchase of electric two-wheelers and three-wheelers.

Specifically, the scheme aims to provide up to Rs 10,000 in support for each two-wheeler, with a target of aiding around 3.33 lakh two-wheelers. Small three-wheelers, such as e-rickshaws and e-carts, could benefit from up to Rs 25,000 in assistance, impacting over 41,000 vehicles. For larger three-wheelers, the financial support could soar up to Rs 50,000.

With its Rs 500 crore budget, the EMPS 2024 aims to accelerate the uptake of electric two-wheelers (e-2W) and three-wheelers (e-3W), nurturing green mobility and bolstering the EV manufacturing ecosystem. Targeting to support 3,72,215 EVs, the scheme promotes advanced technologies, favouring vehicles equipped with advanced batteries.

Aligned with the government's Atmanirbhar Bharat (Self-Reliant India) initiative, EMPS 2024 strives to cultivate an efficient, competitive, and robust electric vehicle manufacturing sector within the country.

To achieve this, a Phased Manufacturing Programme has been implemented to promote domestic manufacturing and fortify the EV supply chain, promising substantial job opportunities along the value chain.

(KNN Bureau)