Govt brings new Rs 500 crore EV subsidy scheme from April 1 after FAME. Check details
FAME scheme on March 31..
The govt had earlier said that subsidies under the second phase of Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme scheme will be eligible for e-vehicles sold till March 31, or till the time funds are available.
The new INR 500 crore scheme has thus came into force from Monday and continue till the end of July. Named as Electric Mobility Promotion Scheme 2024 (EMPS 2024), the new scheme will offer support of up to INR 10,000 per two-wheeler for about 3.33 lakh two-wheelers.
For small three-wheelers (e-rickshaw and e-carts), the new scheme has provision for up to INR 25,000 subsidy for over 41,000 such vehicles.
The financial support will be up to INR 50,000 in case of a large three-wheeler.
The EMPS 2024, a limited fund scheme of INR 500 crore for four months, aims to boost the adoption of electric two-wheelers and three-wheelers from April 1 to July 31, 2024. The Heavy Industries Ministry unveiled this initiative on March 13 to propel green mobility and enhance the EV manufacturing ecosystem. The scheme targets supporting 3,72,215 EVs, specifically prioritizing vehicles equipped with advanced batteries for incentives.
Aligned with the Atmanirbhar Bharat initiative, EMPS 2024 focuses on fostering a competitive and resilient EV manufacturing industry in India. The adoption of the Phased Manufacturing Programme under this scheme promotes domestic manufacturing and strengthens the EV supply chain, paving the way for increased employment opportunities
