To boost electric vehicle adoption nationwide, the central government extends the ‘Electric Mobility Promotion Scheme 2024’, totalling $7.78 billion, until September 30.
The Ministry of Heavy Industries has extended the ‘Electric Mobility Promotion Scheme 2024’ to further support the EV culture in India. The scheme, which aims to boost the adoption of electric vehicles (EVs) nationwide, was initially set to run from April 1 to July 31, 2024, with a total outlay of $5 billion. However, the scheme has now been extended for two months, till September 30, 2024, with the total outlay increased to $ 7.78 billion from $ 5 billion. Under the scheme, buyers can get a subsidy benefit of up to Rs 10,000 for two-wheeler EVs, up to Rs 25,000 for a small three-wheeler EV, and up to Rs 50,000 for large three-wheeler EVs.
The scheme now targets supporting 560,789 electric vehicles (EVs), comprising 500,080 electric two-wheelers (e-2Ws) and 60,709 electric three-wheelers (e-3Ws). This includes 13,590 rickshaws and e-carts and 47,119 e-3Ws in the L5 category. The government’s commitment to promoting advanced technologies is evident in the fact that incentives will be available only for EVs equipped with advanced batteries. This forward-thinking approach is a positive sign for the future of electric mobility in India. The scheme is fund-limited, and the EVs are restricted to targeted numbers for each category.
The Ministry of Heavy Industries has provided clear guidelines on eligibility for the Electric Mobility Promotion Scheme 2024. The system will primarily target e-2Ws and e-3Ws registered for business purposes, focusing on providing affordable and eco-friendly public transport. Individuals, companies, or organizations with e-2Ws registered in their name will also be eligible to seek conversion under the system, regardless of their intended use of the e-2Ws.
