Government Unveils Subsidy Scheme to Propel Adoption of Electric Bikes and Scooters
New Delhi – In a bid to accelerate the shift towards electric mobility, the Indian government has launched the Electric Mobility Promotion Scheme 2024 (EMPS 2024), backed by a hefty budget of Rs 500 crore. The initiative, set to run from April 1 to July 31, 2024, aims to fuel the adoption of electric bikes and scooters across the nation.
Under the EMPS 2024 umbrella, the Ministry of Heavy Industries is geared to offer financial incentives to individuals investing in electric two-wheelers and three-wheelers. Depending on the vehicle category, subsidies ranging from Rs 10,000 to Rs 50,000 will be extended.
For electric two-wheelers, a subsidy of up to Rs 10,000 will be accessible, while small three-wheelers stand to benefit from a subsidy of up to Rs 25,000. Larger three-wheelers will receive financial assistance of up to Rs 50,000.
Notably, the scheme operates within a fund-limited framework, with the total expenditure capped at Rs 500 crore for the stipulated four-month period. The Ministry of Heavy Industries unveiled this initiative on March 13, with a dual aim of fostering the growth of eco-friendly mobility and bolstering the electric vehicle manufacturing ecosystem within India.
In summary, the EMPS 2024 scheme by the Indian government is poised to fast-track the adoption of electric vehicles by extending financial support to purchasers of electric two-wheelers and three-wheelers. With a significant budget allocation and targeted support, the initiative is slated to foster the integration of sustainable transportation solutions across the country.
