The Indian government has announced the Electric Mobility Promotion Scheme (EMPS) 2024, aimed at boosting green mobility and the development of the electric vehicle (EV) manufacturing ecosystem, will conclude on July 31. The scheme commenced on April 1 and has a budget allocation of Rs 500 crore.
According to the Ministry of Heavy Industries (MHI), the total payout of demand incentives is restricted to Rs 493.55 crore. This funding will support the purchase of 3,72,215 electric vehicles, with the bulk of the funds – 3,33,387 (333.39 crore) – allocated for electric two-wheelers.
Also Read: Hyundai Motor India Files DRHP For Upcoming IPO; To Dilute 17.5% Stake
The total payout under the demand incentive is restricted to Rs 493.55 crore.
Should the funds be exhausted before the July 31 deadline, the scheme will end, and no further claims will be accepted, mentioned the statement. However, there is speculation that the government may extend the EMPS for a few more months until the purported FAME III scheme is introduced. For now, it is unclear if there will be any subsidies on offer from August 1 onwards. In case there are no subsidies in the interim, prices of electric two-wheelers could rise once again.
