The Ministry of Heavy Industries has unveiled the Electric Mobility Promotion Scheme 2024, allocating a substantial budget of Rs. 500 crore to propel the nation towards sustainable transportation solutions. Scheduled to be operational from April 1 to July 31, 2024, this initiative underscores the government’s commitment to fostering the adoption of electric two-wheelers (e-2W) and three-wheelers (e-3W) across the country.
Changes in the Scheme as in 2024
In a significant shift, the scheme now extends its ambit to encompass all pharmaceutical manufacturing units with a turnover of less than 500 crores, expanding beyond the conventional focus on Micro, Small, and Medium Enterprises (MSMEs). This broader eligibility criteria aim to democratize access to technological advancements in the pharmaceutical sector, fostering innovation and competitiveness.
About the Scheme
The Electric Mobility Promotion Scheme 2024 (EMPS 2024) is a strategic initiative introduced by the Ministry of Heavy Industries, Government of India, with the backing of the Department of Expenditure, Ministry of Finance. Designed as a time-bound scheme, it seeks to catalyze the widespread adoption of electric vehicles, particularly e-2W and e-3W, to accelerate the transition towards a greener, more sustainable mobility ecosystem. By incentivizing the uptake of electric vehicles, the scheme aims to bolster the domestic electric vehicle manufacturing industry and promote a cleaner, emission-free transportation landscape.
Benefits of the Scheme
The EMPS 2024 holds promise in fostering a multitude of benefits for stakeholders across the electric mobility spectrum. By supporting the adoption of approximately 3,72,215 EVs, including both e-2W and e-3W variants, the scheme is poised to drive significant reductions in vehicular emissions while promoting cleaner, greener modes of transportation. Moreover, the scheme’s emphasis on incentivizing advanced battery-fitted vehicles underscores the government’s commitment to fostering innovation and technological advancement in the electric vehicle segment.
Data Insights
– Total Fund Requirement: Rs. 500 crore
– Target Numbers: The scheme targets the support of 3,72,215 EVs, comprising 3,33,387 e-2W and 38,828 e-3W vehicles, including 13,590 e-rickshaws & e-carts and 25,238 e-3W in the L5 category.
– Components: The scheme’s allocation includes Rs. 493.55 crore for Subsidies/Demand Incentive and Rs. 6.45 crore for the administration of the scheme, including Information, Education & Communication (IEC) activities and fees for the Project Management Agency.
