3.72 lakh EVs to get subsidy under EMPS; FAME III not yet finalized

The subsidies are eligible for electric 2-wheelers and 3-wheelers registered until the funds are available or until July 31, 2024.

The government has announced support for up to 3.72 lakh electric vehicles under the Electric Mobility Promotion Scheme (EMPS), with an outlay of Rs 493.55 crore. The subsidies are eligible for electric 2-wheelers and 3-wheelers registered until the funds are available or until July 31, 2024.

According to the government, ‘EMPS 2024’ aims to promote green mobility and develop the EV manufacturing ecosystem in the country. It is a fund and term-limited scheme with a restricted number of vehicles. 

EMPS 2024 will support a maximum of 3,72,215 EVs, which include 3,33,387 electric 2-wheelers, 13,590 e-rickshaws or e-carts and 25,238 electric 3-wheelers in the L5 category.

The Union Budget for 2024-25 does not provide any direct benefits for the EV sector, as the government is yet to finalize ‘FAME III’. 

Source: ET Auto