EMPS 2024 –An EV Subsidy Scheme You Shouldn’t Miss Out On

Electric Mobility Promotion Scheme (EMPS)-2024 comes as a successor to the FAME-2 scheme that gained impressive traction throughout the industry targeting 1.7 million vehicles (2w+4w).

Now, the Electric Mobility Promotion Scheme (EMPS), notified by the Ministry of Heavy Industries, focuses primarily on two-wheelers and three-wheelers with an outlay of 500 Cr. It is a significant step towards cleaner and more sustainable transportation in the future in India.

Background

Electric Mobility Promotion Scheme (EMPS)-2024 is being implemented over a period of 4 months w.e.f 1 April 2024 till 31 July 2024. The scheme intends to provide further impetus to green mobility and faster adoption of E2W and E3W in the country. Further, it aims to avoid vacuum in the policy post expiry of FAME-2 and reaffirms the commitment of Govt. of India for supporting purchase of electric vehicles.

The Outlay

Electric Mobility Promotion Scheme has been formulated with an outlay of INR 500 Cr. The incentive amount depends upon vehicle segment and battery capacity.

OEM must obtain the certificate of EMPS-2024 eligibility assessment from recognized test agencies of Govt. of India for its EVs to be eligible for incentivization under EMPS.

Following incentives are offered under EMPS-2024:

Electric Two-Wheelers: INR 5,000/kWh, capped at INR 10,000 per vehicle.
E-Rickshaw and E-Cart: INR 5,000/kWh, capped at INR 25,000 per vehicle.
Electric Three-Wheelers (L5): INR 5,000/kWh, capped at INR 50,000 per vehicle.

Time-Frame

• Starts from April 1st 2024.
• Ends by July 31st 2024.

Unlike FAME I & FAME II subsidy which was available for the Fiscal year cycle, EMPS subsidy can are only availed for a limited time period of four months, starting from 1 April 2024 till 31 July 2024. As FAME II subsidy lapses, EMPS takes the baton for a limited period.
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Read More:

Electric Vehicles FAME II subsidy: All you need to know