E-Mobility to get a boost from Government’s INR 500 Crore Scheme

The EMPS 2024 scheme is targeted at the electric 2-wheeler and 3-wheeler markets

March 15, 2024

Under this scheme, up to INR 10,000 of support will be given per 2-wheeler

The e-rickshaws and e-carts will receive support of up to INR 25,000 per vehicle

Larger 3-wheelers will receive up to INR 50,000 per unit

This initiative has been designed to improve access to electric last mile mobility vehicles

India’s Ministry of Heavy Industries unveiled the E-Mobility Promotion Scheme 2024 (EMPS 2024) which aims to drive the electrification of the 2-wheeler and 3-wheeler segments in the country.

With an outlay of INR 500 crore for four months, the scheme will be implemented from April 2024 and will extend to July 2024. Under this scheme, up to INR 10,000 of support will be given per 2-wheeler and is expected to benefit about 3.3 lakh electric 2-wheelers.

The e-rickshaws and e-carts will receive support of up to INR 25,000 per vehicle and more than 41,000 of these vehicles are expected to avail of this scheme. Larger 3-wheelers will receive up to INR 50,000 per unit.

This initiative has been designed to improve access to electric last mile mobility vehicles by reducing the purchase price and consequently will go a long way towards decarbonising India’s transport sector. 

Source: Economic Times

Recent Articles

India’s pharma exports reach US$ 27.9 bn in FY24

April 24, 2024

In the fiscal year 2023-24, India’s drugs and pharmaceuticals exports …

Read More

Economic growth driven by strong investment demand: RBI Bulletin

April 24, 2024

In its April 2024 bulletin, the Reserve Bank of India …

Read More

Indian startups raise US$ 2 bn in Q1 of FY24: Tracxn

April 23, 2024

Indian startups managed to secure US$ 2 billion in funding …

Read More