(MENAFN- KNN India) New Delhi, Mar 14 (KNN) The Indian government has announced a new Electric Mobility Promotion Scheme (EMPS) 2024 to promote the sale of electric two and three-wheelers in the country.
This scheme, which will be valid for four months starting from April 1, 2024, replaces the ongoing Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME II) scheme, which lapses on March 31, 2024.
With an allocation of Rs 500 crore, the EMPS 2024 aims to provide subsidies to encourage the adoption of electric vehicles. The scheme offers a subsidy of up to Rs 10,000 per two-wheeler, Rs 25,000 per light three-wheeler (like e-rickshaws), and Rs 50,000 per heavy three-wheeler (like autos and commercial units).
“We are committed to the growth of electric vehicles in the country and will keep encouraging their sales,” Heavy Industries Minister Mahendra Nath Pandey said while announcing the scheme.
The new scheme allocates Rs 333.39 crore to support the sale of 3.33 lakh electric two-wheelers (e-2W) and Rs 126.19 crore for the sale of 25,238 large electric three-wheelers (e-3W L5).
Additionally, the sale of 13,590 e-rickshaw type electric three-wheelers (e-3W) will be supported through an allocation of Rs 33.97 crore under the EMPS 2024.
Companies will need to register under the new EMPS 2024 program to be eligible for receiving subsidies, as existing registrations under the FAME II scheme will not be valid. The window for fresh registrations opens from April 1 onwards, reported ET
Notably, the EMPS 2024 lowers the subsidy on electric two-wheelers and three-wheelers compared to the FAME II scheme and completely omits electric buses and four-wheelers.
However, the government has indicated that a third iteration of the FAME scheme (FAME III) will be announced after the upcoming elections to cover more categories.
The FAME II scheme, launched in 2019, has so far subsidised the sales of nearly 1.3 million two-wheelers, 150,613 three-wheelers, and 18,794 four-wheelers, with over Rs 6,163 crore disbursed under the scheme.
(KNN Bureau)
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