New Delhi, July 28, 2024 — In a big boost for the electric vehicle (EV) industry, the Union Government has extended the EMPS 2024 (Electric Mobility Promotion Scheme) until September 30, 2024. The extension also comes with a notable increase in the scheme’s financial outlay to Rs 778 crore, up from the initial Rs 500 crore.
Launched by the Ministry of Heavy Industries via gazette notification 1334 (E) on March 13, EMPS 2024 is designed to accelerate the adoption of electric vehicles across India. Initially set to run from April 1 to July 31, the scheme’s extended timeline and enhanced budget reflect the government’s commitment to advancing green transportation initiatives and boosting the domestic EV manufacturing ecosystem.
EMPS 2024: 5,60,789 electric vehicles (EVs) will benefit from financial support
Under the revised scheme, a total of 5,60,789 electric vehicles (EVs) will benefit from financial support, including 5,00,080 electric two-wheelers (e-2Ws) and 60,709 electric three-wheelers (e-3Ws). This support encompasses 13,590 e-rickshaws and e-carts, as well as 47,119 e-3Ws in the L5 category.
The enhanced budget allocation includes Rs 769.65 crore dedicated to subsidies and demand incentives for electric two-wheelers and three-wheelers, and Rs 8.35 crore earmarked for scheme administration. This latter amount covers Information, Education & Communication (IEC) activities and fees for the Project Management Agency.
To ensure the promotion of advanced technologies, incentives will be available exclusively for EVs equipped with advanced battery systems. The scheme is fund-limited and targets specific numbers for each vehicle category.
A significant focus of EMPS 2024 is to provide affordable and environmentally friendly public transportation options. While the scheme primarily supports commercial e-2Ws and e-3Ws, it also includes privately and corporately owned registered e-2Ws, expanding the scope of eligibility.
For startups and ventures in the electric mobility space, this extension and enhancement of the EMPS 2024 offers a promising opportunity to tap into increased government support and funding. As the scheme continues to foster the growth of India’s EV sector, it sets the stage for a more sustainable and technologically advanced transportation future.
