The government decided to extend the EMPS Subsidies for electric two and three-wheeler vehicles by an additional two months. This move boosts the overall subsidy amount to ₹778 crore.
The Ministry of Heavy Industries has decided to give the Electric Mobility Promotion Scheme 2024 (EMPS 2024) an extra two months to help India switch to electric vehicles faster. Originally set to end on July 31, the scheme will now run until September 30. Additionally, the government has increased the scheme’s budget from Rs 500 crore to Rs 778 crore.
On April 1, 2024, the EMPS 2024 initiative was launched to promote the adoption of electric vehicles in India, particularly targeting two-wheelers and three-wheelers such as registered e-rickshaws and e-carts. This project is all about backing the government’s efforts to protect the environment and boost the manufacturing of electric vehicles in our country.
The EMPS 2024 subsidy rewards you with ₹5,000 for every kWh of battery capacity, up to a maximum of ₹10,000. The ministry specified that these rewards are exclusively for electric vehicles (EVs) that have cutting-edge batteries. Also, the number of incentives available will be limited to specific targets set for each category.
The plan is to assist 560,789 electric vehicles. This includes 500,080 electric two-wheelers and 60,709 electric three-wheelers. Among the three-wheelers are 13,590 e-rickshaws and e-carts, along with 47,119 electric three-wheelers in the L5 category.
Extending EMPS subsidies 2024 coincides with talks about rolling out the FAME III scheme, which could boost the adoption of electric vehicles in India. However, the 2024 Budget did not include any direct subsidies or benefits for the electric vehicle sector, leaving the industry without additional financial aid.
Which EV brands got the green light for EMPS subsidies
Well, here’s the scoop: Ather Energy, Bajaj Auto, Ola Electric, Hero Motocorp, TVS, and Kinetic Green are in line to benefit from the EMPS subsidies. Economic Times Reports mention that the subsidies for electric two and three-wheelers have been cut to less than half of their previous levels under FAME.
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