20 firms narrowed down under new EV subsidy scheme
The Scheme aims to promote an efficient, competitive and resilient EV manufacturing industry in the country
The Centre has certified over 20 vehicle OEMs to participate in the short-term Electric Mobility Promotion Scheme (EMPS).
The EMPS, which is valid for only four months from April to July 2024 with an outlay of INR 500 crore, aims to subsidise electric two-wheeler, three-wheeler, and e-rickshaw purchases by consumers.
It may be replaced or extended, depending on the new central government expected to be formed in June 2024.
The 20 companies include all the major two and three-wheeler manufacturers that can now avail the given incentives under the scheme.
The new scheme’s primary objective is to support the adoption of over 3,30,000 e-two-wheelers, over 40,000 smaller e-three-wheelers (e-rickshaws or e-carts), and over 25,000 large e-three-wheelers (L5 category).
As such, the maximum incentive per electric two-wheeler has been rounded off at INR 10,000, for e-rickshaws or e-carts at INR 25,000, and for L5 vehicles, it has been kept at INR 50,000 per vehicle.
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Before EMPS, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) provided an incentive push to electric vehicle (EV) sales by offering subsidies. The FAME-II ended on March 31, 2024, as the central government made a decision not to come out with a new variant of it in the form of the FAME-III.
As its replacement, the Ministry had to provide fresh registration under the new scheme to re-validate products and deter FAME-II defaulters from entering EMPS.
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The Electric Mobility Promotion Scheme 2024 (EMPS 2024)scheme was introduced by the Ministry of Heavy Industries, Government of India with the approval of the Department of Expenditure, Ministry of Finance to further accelerate the adoption of EVs in the country.
This is a fund-limited scheme with a total outlay of INR 500 crore for 4 months, 1 April 2024 till 31 July 2024, for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W) to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country.
The Scheme aims to promote an efficient, competitive and resilient EV manufacturing industry in the country thereby promoting the Prime Minister’s vision of Aatma-Nirbhar Bharat.
For this purpose, the Phased Manufacturing Programme (PMP) has been adopted which encourages domestic manufacturing and strengthening off EV supply chain. This shall also create significant employment opportunities along the value chain.