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The Indian government has announced an extension of the Electric Mobility Promotion Scheme (EMPS) to further encourage the adoption of electric vehicles (EVs) in the country. Initially scheduled to conclude on July 31, 2024, the scheme will now run until September 30, 2024, providing potential buyers with two additional months to benefit from the substantial subsidies offered. This extension signals a strong commitment from the government to promoting a sustainable transportation ecosystem and reducing reliance on fossil fuels.
The EMPS provides financial incentives for purchasing various categories of EVs. For electric two-wheelers, the subsidy can reach up to Rs 10,000, while electric three-wheelers receive higher incentives, with small vehicles eligible for up to Rs 25,000 and larger three-wheelers receiving a subsidy of up to Rs 50,000. These subsidies aim to bridge the price gap between traditional gasoline-powered vehicles and EVs, making electric transportation more accessible to a wider segment of the population.
The EMPS was launched in March 2024 with the goal of supporting the growth of the battery-powered vehicle market in India. The scheme initially covered over 3,33,387 electric two-wheelers, but this number was later increased to 5,00,080. In addition to electric two-wheelers, the scheme also extends to 60,709 electric three-wheelers, including e-rickshaws and e-carts. To support this initiative, the government has increased the budget for the EMPS from Rs 500 crore to Rs 778 crore, demonstrating a substantial investment in the transition to a more sustainable transportation sector.
Source: Government Extended Subsidy on Electric 2-wheelers till September 30, Check Details