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Today the New Rs.500 Crore Scheme to Support Electric Vehicle Use Starts

CIO Insider Team | Monday, 1 April, 2024

Today marks the start of the new Rs 500 crore program, which will support electric vehicle use in India through the end of July.

At the same time, the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) program's second phase comes to an end on March 31, 2024.

Until March 31st, or until funds are available, e-vehicles sold are eligible for subsidies under the FAME initiative.

The Ministry of Heavy Industries has launched the Rs 500 crore Electric Mobility Promotion Scheme 2024 (EMPS 2024) in an effort to hasten the nation's transition to electric vehicles (EVs).

Up to Rs 10,000 in support for each two-wheeler would be given under EMPS 2024. Support for roughly 3.33 lakh two-wheelers is the goal.

A maximum of Rs 25,000 in assistance will be provided for the acquisition of small three-wheelers (e-rickshaws and e-carts).

Under the program, incentives will be given to over 41,000 of these automobiles.

The maximum amount of financial assistance for a large three-wheeler is Rs 50,000.

The Heavy Industries Ministry announced on March 13 the EMPS 2024, a fund-limited scheme with a total outlay of Rs 500 crore for four months, from April 1, 2024 to July 31, 2024, to accelerate the adoption of electric two-wheelers (e-2W) and three-wheelers (e-3W) and to further boost green mobility and the development of the EV manufacturing ecosystem in the nation.

Along the value chain, it would also result in a large increase in employment possibilities.

The initiative intends to assist 3,72,215 EVs. The ministry had stated that only automobiles equipped with sophisticated batteries would be eligible for incentives, in an effort to promote new technologies.

The government's EMPS 2024 program, which is a component of Atmanirbhar Bharat, aims to develop a resilient, competitive, and efficient electric vehicle manufacturing sector in India.

The Phased manufacture Program, which promotes local manufacture and fortifies the EV supply chain, has been implemented with this goal in mind.

Along the value chain, it would also result in a large increase in employment possibilities.

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