In a bid to accelerate the adoption of electric vehicles (EVs) in India, a new scheme called EMPS 2024 with a budget of Rs 500 crore has been introduced, effective from April 1, 2024. This initiative, announced by the Heavy Industries Ministry on March 13, aims to bolster the country’s green mobility efforts and enhance the EV manufacturing ecosystem.
Incentives to Drive EV Adoption
Under the EMPS 2024 scheme, significant incentives will be provided to encourage the purchase of electric two-wheelers and three-wheelers. Two-wheeler buyers will receive support of up to Rs 10,000 per vehicle, with the goal of assisting around 3.33 lakh units. Similarly, purchasers of small three-wheelers, including e-rickshaws and e-carts, will be eligible for incentives up to Rs 25,000, benefiting over 41,000 vehicles. For large three-wheelers, the financial support will be extended up to Rs 50,000 per vehicle.
A Boost for Green Mobility and EV Manufacturing
The EMPS 2024 scheme, designed to operate for four months until July 31, 2024, aims to accelerate the transition towards electric vehicles and bolster the development of the EV manufacturing industry in India. With a targeted support of 3,72,215 EVs, the scheme aligns with the government’s vision of promoting sustainable transportation solutions under the Atmanirbhar Bharat initiative.
As part of this initiative, emphasis is placed on incentivizing advanced technologies, particularly vehicles equipped with advanced batteries. This strategic focus not only promotes innovation but also strengthens the domestic EV supply chain, contributing to the resilience and competitiveness of the industry. Additionally, the scheme is expected to generate significant employment opportunities across the EV value chain, supporting the government’s broader agenda of economic self-reliance.
