In a strategic move to bolster India’s electric vehicle (EV) market, the Ministry of Heavy Industries has rolled out the Electric Mobility Promotion Scheme 2024 (EMPS 2024). This scheme, approved by the Department of Expenditure, aims to expedite the adoption of EVs across the nation, signaling a significant step towards sustainable mobility. The EMPS 2024 has received approval from the Ministry of Finance and carries a total outlay of Rs. 500 crore for four months, from April 1, 2024. The primary objective is to accelerate the adoption of electric two-wheelers (e-2W) and three-wheelers (e-3W) to promote green mobility and foster the growth of the EV manufacturing sector.
Here are the components of EMPS 2024:
Subsidies/Demand Incentive:
Description: Incentive for electric 2W (e-2W) and electric 3W, including registered e-rickshaws & e-carts and L5 (e-3W).
Total Fund Requirement: INR 493.55 crore.
Administration of Scheme:
Description: Including IEC (Information, Education & Communication) activities and fee for Project Management Agency.
Total Fund Requirement: INR 6.45 crore.
Total:
Total Fund Requirement: INR 500 crore.
Alignment with Aatma Nirbhar Bharat and Target Numbers
Aligned with the vision of Aatma-Nirbhar Bharat, EMPS 2024 aims to foster a robust and self-reliant EV manufacturing industry in India. Adopting a Phased Manufacturing Programme (PMP), the scheme emphasizes domestic manufacturing to bolster the EV supply chain and generate employment opportunities.
Here are the details of the targeted EV deployment:
Category
Total Deployment
Total Deployment
3,27,215
Electric Two-Wheelers (e-2W)
3,33,387
Electric Three-Wheelers (e-3W)
38,828
E-Rickshaws
13,590
E-Carts
13,590
L5 Category
25,238
Incentives will be extended to vehicles equipped with advanced battery technology to encourage technological advancement in the EV sector.
Implementation and Future Prospects
The Ministry of Heavy Industries will issue detailed notifications and guidelines for the implementation of EMPS 2024. These guidelines will provide clarity on the operational aspects and mechanisms for availing incentives, further facilitating the growth and sustainability of the EV ecosystem in India.
Find More State Wise EV Policy: ELECTRIC VEHICLE POLICIES IN INDIA
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