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Govt launches Rs 500 cr scheme to bolster e-mobility ahead of expiration of FAME II
Photo Courtesy: Pixabay

Govt launches Rs 500 cr scheme to bolster e-mobility ahead of expiration of FAME II

| @indiablooms | 13 Mar 2024, 10:58 pm

New Delhi: The Ministry of Heavy Industries on Wednesday launched a new plan aimed at fostering e-mobility nationwide and allocated Rs 500 crore for a four-month period starting from April 2024.

This latest scheme targets the promotion of electric 2-wheelers and 3-wheelers.

As the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) program concludes on March 31, 2024, Minister Mahendra Nath Pandey introduced the E-Mobility Promotion Scheme 2024 (EMPS 2024), affirming the government's dedication to advancing e-mobility in India.

The EMPS 2024 initiative will span four months until July 2024, offering Rs 10,000 support per 2-wheeler with the objective to provide assistance to nearly 3.3 lakh 2-wheelers.

A subsidy of Rs 25,000 will be provided for the acquisition of small three-wheelers, such as e-rickshaws and e-carts, with coverage for over 31,000 vehicles.

For the purchase of large three-wheelers, the financial support will amount to Rs 50,000.

Subsidies under the second phase of the FAME scheme will remain applicable to e-vehicles sold until March 31, 2024, or until funds are exhausted, whichever comes first.

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