EMPS 2024: Funds outlay and validity
With a complete outlay of Rs 500 crore for a four-month interval from April 1, 2024, to July 31, 2024, the scheme goals to incentivize the quicker adoption of electrical two-wheelers (e-2W) and three-wheelers (e-3W), offering a major enhance to inexperienced mobility and the event of the EV manufacturing ecosystem in India.
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EMPS 2024: Segments included
Below the EMPS 2024, eligible EV classes embody electrical two-wheelers and three-wheelers, together with registered e-rickshaws, e-carts, and L5 class autos. The scheme primarily targets e-2W and e-3Ws registered for industrial functions, with advantages additionally extending to privately or corporate-owned registered e-2W autos.
The EMPS 2024 is allotted a fund of Rs. 493.55 crore, earmarked particularly for incentivizing the segments talked about above.
The scheme goals to assist the adoption of three,72,215 EVs, together with 3,33,387 e-2Ws and 38,828 e-3Ws, which incorporates 13,590 rickshaws and e-carts, and 25,238 e-3Ws within the L5 class. It’s value noting that the incentives shall be offered solely to autos geared up with superior battery methods.
Apart from this, the MHI additionally elevated the funds for FAME II by an additional Rs 1,500 crore. The federal government introduced that the subsidies offered below the scheme would apply to autos bought till March 31, or till the funds are exhausted, whichever first.
