Electric Mobility Promotion Scheme 2024
Source: Business Standard
GS II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation
Overview
- News in Brief
- About Electric Mobility Promotion Scheme 2024
Why in the News?
Govt announces Rs 500 crore e-mobility scheme to promote electric vehicles.
News in Brief
- The Central Government has recently launched the Electric Mobility Promotion Scheme 2024 (EMPS 2024) as the successor to the FAME-II scheme, which will soon expire.
- The Ministry of Heavy Industries (MHI) has boosted the FAME II budget by Rs 1,500 crore, to be used until funds deplete or by March.
About Electric Mobility Promotion Scheme 2024
- The new scheme is for 2-wheelers and 3-wheelers.
- The scheme will be for four months till July 2024
- Under the scheme, a support of Rs 10,000 per 2-wheeler will be provided.
- The aim is to provide support for about 3.3 lakh 2-wheelers.
- A support of Rs 25,000 will be given for the purchase of small three-wheelers (e-rickshaws and e-carts). More than 31,000 such vehicles will be covered.
- The financial support will be Rs 50,000 for the purchase of a large three-wheeler.
- Subsidies under the second phase of the FAME scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available.
- Phased Manufacturing Programme (PMP) within EMPS 2024 aims to boost domestic manufacturing and strengthen the EV supply chain.
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