Indian Economy News

After FAME-II, EMPS 2024 will fuel faster adoption of e-2W and e-3W.

  • IBEF
  • April 2, 2024

The Ministry of Heavy Industries has introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) with a US$ 60 million (Rs. 500 crore) budget to stimulate electric vehicle (EV) adoption nationwide. Launched after the conclusion of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) program on March 31, 2024, EMPS 2024 runs from April 1 to July 31, 2024, aiming to subsidize the purchase of electric two-wheelers (e-2Ws) and three-wheelers (e-3Ws) for four months. It targets supporting the adoption of 3,72,215 electric vehicles, comprising 3,33,387 e-2Ws and 38,828 e-3Ws, with incentives for advanced battery-equipped vehicles in commercial and private/corporate sectors.

Under EMPS 2024, subsidies of up to US$ 120 (Rs. 10,000) for e-2Ws, US$ 300 (Rs. 25,000) for small e-3Ws like e-rickshaws and e-carts, and US$ 600 (Rs. 50,000) for large e-3Ws are provided. The scheme serves as a transition following the conclusion of FAME-II and is expected to pave the way for a comprehensive electric vehicle scheme in the post-election FY25 budget.

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