EMPS 2024: Budget outlay and validity
With a total outlay of Rs 500 crore for a four-month period from April 1, 2024, to July 31, 2024, the scheme aims to incentivize the faster adoption of electric two-wheelers (e-2W) and three-wheelers (e-3W), providing a significant boost to green mobility and the development of the EV manufacturing ecosystem in India.
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EMPS 2024: Segments included
Under the EMPS 2024, eligible EV categories include electric two-wheelers and three-wheelers, including registered e-rickshaws, e-carts, and L5 category vehicles. The scheme primarily targets e-2W and e-3Ws registered for commercial purposes, with benefits also extending to privately or corporate-owned registered e-2W vehicles.
The EMPS 2024 is allocated a fund of Rs. 493.55 crore, earmarked specifically for incentivizing the segments mentioned above.
The scheme aims to support the adoption of 3,72,215 EVs, including 3,33,387 e-2Ws and 38,828 e-3Ws, which includes 13,590 rickshaws and e-carts, and 25,238 e-3Ws in the L5 category. It is worth noting that the incentives will be provided only to vehicles equipped with advanced battery systems.
Besides this, the MHI also increased the budget for FAME II by an extra Rs 1,500 crore. The government announced that the subsidies provided under the scheme would apply to vehicles sold until March 31, or until the funds are exhausted, whichever first.