The brand new Rs 500 crore scheme to advertise electrical mobility in India will come into power from Monday and proceed until the top of July. In the meantime, the second section of FAME, or Sooner Adoption and Manufacturing of Electrical Autos in India (FAME-II) programme, ends on March 31, 2024.
Subsidies underneath the FAME scheme will probably be eligible for e-vehicles bought until March 31, or until the time funds can be found.
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The Rs 500 crore Electrical Mobility Promotion Scheme 2024 (EMPS 2024) scheme is being launched by the Ministry of Heavy Industries to additional speed up the adoption of electrical autos (EVs) within the nation.
Underneath EMPS 2024, a help of as much as Rs 10,000 per two-wheeler will probably be offered. The goal is to offer help for about 3.33 lakh two-wheelers.
A help of as much as Rs 25,000 will probably be given for the acquisition of small three-wheelers (e-rickshaw and e-carts). Greater than 41,000 such autos will probably be offered incentives underneath the scheme.
The monetary help will probably be as much as Rs 50,000 in case of a big three-wheeler.
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The EMPS 2024 is a fund-limited scheme with a complete outlay of Rs 500 crore for 4 months — from April 1, 2024 until July 31, 2024 — for quicker adoption of electrical two-wheeler (e-2W) and three-wheeler (e-3W) to offer additional impetus to the inexperienced mobility and growth of EV manufacturing ecosystem within the nation introduced by the Heavy Industries Ministry on March 13. The scheme goals to help 3,72,215 EVs. To encourage superior applied sciences, the advantages of incentives will probably be prolonged to solely these autos which might be fitted with superior batteries, the ministry had mentioned.
As a part of the Atmanirbhar Bharat initiative of the federal government, the EMPS 2024 promotes an environment friendly, aggressive and resilient EV manufacturing trade within the nation. For this function, the Phased Manufacturing Programme has been adopted that encourages home manufacturing and strengthening of the EV provide chain.
It might additionally create important employment alternatives alongside the worth chain.