ENA Sectors 2024-07-24 16:53:17 <p><span style="font-size:14px"><strong>New Delhi, Jul 24 (KNN)</strong> The Ministry of Heavy Industries (MHI) has issued a statement regarding the Electric Mobility Promotion Scheme (EMPS), emphasising its limited funding and timeframe.</span></p> <p><span style="font-size:14px">The EMPS, designed as an interim measure between the FAME-II and upcoming FAME-III schemes, will only process subsidy claims until its Rs 500-crore budget is depleted or the scheme concludes on July 31, 2024, whichever occurs first.</span></p> <p><span style="font-size:14px">The EMPS aims to incentivise the purchase of up to 333,387 electric two-wheelers and 40,828 electric three-wheelers.</span></p> <p><span style="font-size:14px">As of Tuesday, the government's EMPS dashboard reported that companies have submitted claims totalling Rs 54.42 crore for 41,557 vehicles.</span></p> <p><span style="font-size:14px">This suggests substantial room for additional claims in the coming weeks, leading up to the anticipated introduction of FAME-III.</span></p> <p><span style="font-size:14px">In its statement, the MHI clarified, EMPS 2024 is fund limited, with restricted number of vehicles and a term-limited Scheme.</span></p> <p><span style="font-size:14px">The statement further highlighted, The subsidies for demand incentive are eligible for e-2w and e-3w sold and registered until the funds are available or the number of vehicles supported reaches the maximum number defined category-wise or until 31 July 2024, whichever comes first. </span></p> <p><span style="font-size:14px">The ministry specified that eligible electric vehicles must be manufactured and registered within the validity period of the EMPS-2024 certificate to qualify for incentives under the scheme.</span></p> <p><span style="font-size:14px">While the EMPS provides short-term support for the electric vehicle industry, concerns persist regarding the sustainability of the EV ecosystem beyond the scheme's duration.</span></p> <p><span style="font-size:14px">The FAME-II program concluded on March 31, with EMPS serving as a bridge until July 31. However, the next iteration, FAME-III, has yet to receive final cabinet approval.</span></p> <p><span style="font-size:14px">As the electric mobility sector awaits details on long-term support measures, stakeholders are closely monitoring developments in government policy to ensure continued growth in this emerging industry.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38726 https://knnindia.co.in/news/newsdetails/sectors/electric-mobility-promotion-scheme-offers-short-term-support-ahead-of-fame-iii-mhi 2024-07-24 16:53:17 knnindia.co.in