New scheme announced to push sale of electric two-wheelers & three-wheelers in India
- IBEF
- March 14, 2024
The central government unveiled a new initiative on March 13, 2024, the Electric Mobility Promotion Scheme (EMPS) 2024, allocating US$ 60.38 million (Rs. 500 crore) to boost sales of electric two and three-wheelers. Valid for four months starting April 1, 2024, this scheme complements the expanded funding of US$ 1.39 billion (Rs. 11,500 crore) under the second phase of the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME-II) program announced in February 2024.
The enhanced FAME-II allocation includes subsidies for electric vehicles sold until March 31, 2024, or until funds are exhausted. Notably, US$ 851.10 million (Rs. 7,048 crore) of this allocation is dedicated to electric two and three-wheelers, with an additional US$ 488.83 million (Rs. 4,048 crore) earmarked for electric buses and EV charging infrastructure. FAME India aims to incentivize EV adoption, promote local manufacturing, and bolster charger deployment nationwide.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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