The Ministry of Heavy Industry has announced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) with the approval of Department of Expenditure, Ministry of Finance with a fund limited budget outlay of Rs 500 crore, to further accelerate the adoption of EVs in the country. Financial Express Online had broken the story about the scheme, which in simple terms is the stop-gap policy to bridge the gap between the expiry of FAME 2 scheme on March 31, 2024 and the new FAME 3 policy expected to be rolled out in July 2024.
The fund limited scheme will be in force for a period of 4 months, April 1, 2024 till July 31, 2024, and will incentivise electric two-wheelers and electric three-wheelers.
Furthermore, the government says greater emphasis will be provided on affordable and environment friendly public transportation options for the masses, scheme will be applicable mainly to those e-2W and e-3Ws registered for commercial purposes. Further, in addition to commercial use, privately or corporate owned registered e-2W will also be eligible under the scheme.
The Scheme aims to support 3,72,215 EVs including e-2W (3,33,387) and e-3W (38,828 including 13,590 rickshaws & e-carts and 25,238 e-3W in L5 category). The estimated expenditure will be Rs 493.55 crore for electric two- and three-wheelers, while the remaining Rs 6.45 crore will be towards administrative activities.
To encourage advance technologies, the benefits of incentives, will be extended to only those vehicles which are fitted with advanced battery.
