India Launches Electric Mobility Promotion Scheme 2024 to Boost EV Adoption and Manufacturing
Endorsed by the Ministry of Heavy Industries and approved by the Department of Expenditure, Ministry of Finance, this initiative aims to fast-track the adoption of EVs across the nation.
March 14, 2024. By Abha Rustagi
Endorsed by the Ministry of Heavy Industries, Government of India, and approved by the Department of Expenditure, Ministry of Finance, this initiative aims to fast-track the adoption of electric vehicles (EVs) across the nation.
With a substantial budget of INR 500 crore allocated for a four-month period from April 1 to July 31, 2024, EMPS 2024 is set to provide a significant impetus to the green mobility agenda and support the development of the electric vehicle manufacturing ecosystem in India.
The scheme targets the promotion of electric two-wheelers (e-2W) and three-wheelers (e-3W), including registered e-rickshaws and e-carts, to cater to both commercial and private usage. Emphasizing affordability and eco-friendliness, the incentives under EMPS 2024 will apply primarily to commercially registered e-2W and e-3Ws. However, privately or corporate-owned registered e-2W will also qualify for the scheme.
EMPS 2024 comprises two main components: subsidies/demand incentives and scheme administration, including Information, Education, and Communication (IEC) activities and project management agency fees. With a total fund requirement of INR 500 crore, the scheme allocates INR 493.55 crore for subsidies and incentives, while INR 6.45 crore is designated for administration purposes.
The scheme has ambitious targets, aiming to support 3,72,215 EVs, including 3,33,387 e-2Ws and 38,828 e-3Ws (including 13,590 e-rickshaws and e-carts and 25,238 e-3Ws in the L5 category). To incentivize advanced technologies, benefits will only be extended to vehicles equipped with advanced batteries.
Moreover, EMPS 2024 aligns with the vision of Aatma Nirbhar Bharat (Self-Reliant India), championed by Prime Minister Narendra Modi. By promoting an efficient, competitive, and resilient EV manufacturing industry, the scheme aims to bolster domestic manufacturing through initiatives like the Phased Manufacturing Programme (PMP).
This strategy not only strengthens the EV supply chain but also creates significant employment opportunities across the value chain, contributing to the nation's economic growth and self-reliance aspirations.
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