Under EMPS 2024, the government will provide an incentive of ₹10,000 per electric two-wheeler, going to ₹25,000 per small electric three-wheeler (e-rickshaw & e-carts), and up to ₹50,000 for a large electric three-wheeler.
Also Read : FAME II subsidy reduction to hit EV sales in India, says manufacturers’ body.
In a statement, MHI said it aims to support about 3.3 lakh two-wheelers with the latest e-mobility scheme as well as about 31,000 electric three-wheelers. The ministry also clarified that the benefits of incentives will be extended to only those vehicles which are fitted with advanced batteries.
The FAME II subsidy scheme has been instrumental in making electric vehicles more accessible to customers. The government previously raised the allocation under FAME II to ₹11,500 crore, up from ₹10,000 crore in February this year.
Also Read : Over ₹5,200 crore disbursed under FAME II subsidy for electric vehicles: MHI.
As per the revised FAME II outlay, the electric two-wheelers, three-wheelers and four-wheelers are eligible to avail subsidies to the tune of ₹7,048 crore, while about ₹4,048 crore has been allocated towards grants for capital assets, while ₹400 crore has been earmarked in the ‘others’ category. Subsidies under the FAME II scheme will be eligible for electric vehicles sold till March 31, 2024, or till the time funds are available, the centre clarified.
First Published Date: 14 Mar 2024, 12:49 PM IST