Electric Mobility Promotion Scheme 2024

IAS Current Affairs

4 months ago

Source: PIB
GS II: Important International institutions, agencies and fora- their structure, mandate

Overview

Why in the News?

Ministry of Heavy Industries has launched the Electric Mobility Promotion Scheme (EMPS) – 2024

What is EMPS 2024?

To provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country.
The Scheme duration is 4 months i.e. April 01, 2024, till July 31, 2024, with an outlay of Rs. 500 crore.

Details of EMPS 2024

EMPS 2024 is fund-limited, with a restricted number of vehicles and a term-limited Scheme, i.e., the subsidies for demand incentives are eligible for 2-wheeler electric(e-2w) and 3-wheeler electric(e-3w) sold and registered until the funds are available or the number of vehicles supported reaches the maximum number defined category-wise (shown in para above) or until July 31, 2024, whichever comes first.
The EVs eligible for incentivisation under the EMPS 2024 scheme must be manufactured and registered within the validity period of the EMPS -2024 certificate.
The total payout under the demand incentive is limited to Rs. 493.55 crore as per the bifurcation provided above.
In case the funds for the Scheme or its relevant sub-components are exhausted before 31st July 2024, then the Scheme or its relevant sub-components will be closed accordingly, and no further claims will be entertained under the EMPS 2024.
The claims submitted under the scheme will be incentivised on a first come first serve basis.

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