A new Rs 500 crore scheme to promote electric transport in India will come into effect from Monday and will continue till the end of July. Meanwhile, the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) program in the country is ending on March 31, 2024. Subsidy under the FAME scheme will be available for e-vehicles sold till March 31 or till funds are available.
Government will give subsidy
To further accelerate the adoption of electric vehicles (EVs) in the country, the Ministry of Heavy Industries has launched the Rs 500 crore Electric Transport Promotion Scheme 2024 (EMPS 2024). Under EMPS 2024, assistance up to Rs 10,000 will be provided per two-wheeler. 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 big three-wheeler, financial assistance will be up to Rs 50,000. EMPS 2024 is a fund limited period scheme. In this, a total expenditure of Rs 500 crore will be spent for four months i.e. from April 1, 2024 to July 31, 2024 for rapid adoption of electric two-wheelers (E-2W) and three-wheelers.
This is the government’s target
The Ministry of Heavy Industries announced this on March 13 to provide further impetus to the development of green transportation system and electric vehicle manufacturing ecosystem in the country. The target of this scheme is to support 3,72,215 electric vehicles. The Ministry had said that to encourage advanced technology, the benefit of incentive will be given only to those vehicles which are fitted with advanced batteries. This scheme is also expected to create a large number of jobs.
