The Ministry of Heavy Industries has taken a significant step forward in promoting electric mobility with the introduction of the E-Transport Promotion Scheme 2024. This initiative, backed by a budget of Rs 500 crore, aims to accelerate the adoption of electric vehicles (EVs) across the country, paving the way for a greener and more sustainable transportation ecosystem.
Key Highlights of the E-Transport Promotion Scheme 2024:
- Financial Assistance for EV Purchases: Under the scheme, buyers of electric two-wheelers and three-wheelers will receive substantial financial support from the government, making EVs more accessible and affordable for the general public.
- Scheme Duration and Budget: Running from April 2024 to July 2024, the scheme’s timeline aligns with the critical period for driving a significant shift towards electric mobility. With a budget of Rs 500 crore, the scheme aims to catalyze widespread adoption of EVs.
- Assistance Details: Eligible beneficiaries can expect financial incentives of Rs 10,000 per two-wheeler and Rs 25,000 for small three-wheelers. Additionally, buyers of larger three-wheelers stand to benefit from a substantial subsidy of Rs 50,000.
- Continuation from FAME-2 Program: The launch of the E-Transport Promotion Scheme 2024 coincides with the conclusion of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-2) program. This seamless transition ensures the sustained momentum in promoting electric vehicles in the country.
- Partnership with IIT Roorkee: In a bid to foster innovation in the automotive and electric vehicle sectors, the Ministry has collaborated with IIT Roorkee through a Memorandum of Understanding (MoU). With a funding of Rs 24.6645 crore, this partnership aims to drive technological advancements and solutions for the EV industry.
In summary, the E-Transport Promotion Scheme 2024 marks a significant milestone in India’s journey towards a cleaner and greener future. By incentivizing the purchase of electric bikes and three-wheelers and fostering collaboration with leading academic institutions, the government is laying the groundwork for a sustainable transportation revolution.
