EMPS 2024: A Major Advancement For EVs in India, a Rs 500 Crore Electric Mobility Scheme Launches Today

EMPS 2024: A Major Advancement For EVs in India, a Rs 500 Crore Electric Mobility Scheme Launches Today

01 April 2024 – A new Rs 500 crore scheme is slated to revolutionize electric transportation in India starting today. The Electric Mobility Promotion Scheme (EMPS) 2024, which runs until the end of July, aims to hasten the nation’s transition to electric cars (EVs).

According to TOI, the second phase of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) program ended on March 31, 2024, which is when this proposal was announced. Subsidies will be offered for electric car sales under the FAME program until March 31 or until available funds run out.

The Electric Mobility Promotion Scheme (EMPS) 2024 provides financial incentives to consumers who purchase electric two—and three-wheelers. The goal of EMPS 2024 is to assist about 3.33 lakh two-wheelers by providing up to Rs 10,000 in assistance for each one.  Up to Rs 25,000 in financial assistance for small three-wheelers, such as e-rickshaws and e-carts, will benefit over 41,000 cars. Financial assistance for bigger three-wheelers might go up to Rs 50,000.


Conclusion

With a budget of Rs 500 crore, this four-month program, which runs from April 1 to July 31, 2024, intends to promote green mobility and strengthen the ecosystem supporting the EV manufacturing industry by hastening the adoption of electric two-wheelers (e-2W) and three-wheelers (e-3W).