Rs 500 crore EV Promotion Scheme comes into effect from April 1

FAME-II (Faster Adoption and Manufacturing of Electric Vehicles in India) program ended on March 31, 2024.

The government’s new Electric Mobility Promotion Scheme 2024 (EMPS 2024) has come into effect from April 1, as the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles in India) program ends on March 31, 2024.

The EMPS 2024 scheme was introduced earlier this year, with the aim of accelerating the adoption of EVs in the country. Under the new scheme, the government will provide subsidies for electric 2-wheelers and 3-wheelers.

Under the new scheme, the government will support up to 3.33 lakh electric 2-wheeler buyers with a subsidy of up to Rs 10,000. 41,000 e-rickshaw and e-cart customers will get a subsidy of up to Rs 25,000. The government will also provide financial support of up to Rs 50,000 for large 3-wheelers.

With the EMPS 2024 scheme, the government aims to support 3,72,215 EVs. The budget outlay for the scheme is Rs 500 crore and will be effective until July 31, 2024.

Source: ET