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 until funds are available. 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 10,000 per two-wheeler will be provided.
It aims to support approximately 3.33 lakh two-wheelers. 25,000 assistance will be given on purchase of small three-wheelers (e-rickshaw and e-cart). More than 41,000 such vehicles will be promoted under the scheme. Financial assistance up to Rs 50,000 will be provided in case of large three-wheelers. EMPS 2024 is a fund limited period scheme.
Out of this, a total 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 was announced by the Ministry of Heavy Industries on March 13 to further accelerate the development of green transportation system and electric vehicle manufacturing ecosystem in the country.
The scheme aims to support 3,72,215 electric vehicles. The ministry said that to encourage advanced technology, the benefit of the incentive will be given only to those vehicles that will have advanced batteries. The scheme is also expected to create a large number of jobs.
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