NEWS – Ministry of Heavy Industries announces Electric Mobility Promotion Scheme 2024

HIGHLIGHTS

• Scheme Duration and Budget:
  • Fund limited scheme with a total outlay of Rs. 500 crore.
  • Active from April 1, 2024, to July 31, 2024, spanning 4 months.
• Targeted Vehicles:
  • Emphasis on electric two-wheelers (e-2W) and three-wheelers (e-3W).
  • Includes registered e-rickshaws, e-carts, and L5 category vehicles.
• Eligibility:
  • Applicable primarily to commercial e-2W and e-3Ws.
  • Privately or corporate owned e-2Ws also eligible.
• Components of EMPS 2024:
  • Subsidies/Demand Incentive:
    • Incentives provided for electric 2W and 3W.
    • Total fund requirement: INR 493.55 crore.
  • Administration of Scheme:
    • Includes Information, Education & Communication (IEC) activities and Project Management Agency fees.
    • Fund allocation: INR 6.45 crore.
  • Target Numbers:
    • Aims to support 3,72,215 EVs, including:
    • 3,33,387 e-2Ws.
    • 38,828 e-3Ws (including e-rickshaws, e-carts, and L5 category vehicles).
    • Incentives extended to vehicles with advanced battery technology.
  • Aatma Nirbhar Bharat:
    • Promotes an efficient, competitive, and resilient EV manufacturing industry.
    • Adopts Phased Manufacturing Programme (PMP) to strengthen domestic manufacturing and EV supply chain.
    • Aims to create significant employment opportunities.
  • Notification and Guidelines: MHI will issue separate notifications and guidelines for EMPS 2024.