The Faster Adoption and Manufacturing of Electric Vehicles in India or FAME-II (FAME II) project is expiring across the country on March 31. This has created wrinkles on the foreheads of many potential buyers and sellers. This situation is due to the fear of impact on sales as a result of removal of subsidy. But the Union Ministry of Heavy Industries (MHI) has shown a glimmer of hope in the situation.
The Center has come up with a new scheme called Mobility Promotion Scheme 2024 or EMPS 2024. 500 crore has been earmarked under this project. It is valid from April 1 to July 31, 2024. In other words, the center will provide subsidy on electric vehicles under this project for four months from the day after the completion of FEM-II project. It has been informed that only electric two and three wheelers will get financial benefits.
Center launched EMPS 2024
Under EMPS 2024, an incentive of Rs 10,000 per electric two-wheeler model and Rs 25,000 per small electric three-wheeler (e-rickshaw and e-cart) will be given. A subsidy of Rs 50,000 will be available for three-wheelers with large batteries. The Ministry of Heavy Industries, in a statement, said the scheme was launched to subsidize around 3.3 lakh two-wheelers and 31,000 electric three-wheelers. But this offer will be available only on those vehicles, which are fitted with advanced battery.
The center was giving subsidy under FEM-II project so that the people of the country buy more battery cars. In February this year, the government had announced an increase in the subsidy amount from Rs 10,000 crore to Rs 11,500 crore. Rs 7,048 crore was earmarked for subsidy on electric two-wheelers, three-wheelers and four-wheelers.
