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New INR 500 Cr Scheme To Promote E-Mobility Kicks Off Today

Inc42 · 1y ago

New INR 500 Cr Scheme To Promote E-Mobility Kicks Off Today

The Indian Ministry of Heavy Industries has launched the INR 500 Cr Electric Mobility Promotion Scheme 2024 (EMPS 2024) to support the adoption of electric vehicles (EVs) in the country. The four-month scheme, which started on April 1, aims to promote the use of electric two-wheelers and three-wheelers by providing subsidies of up to INR 10,000 and INR 25,000 respectively. It also aims to accelerate the development of the EV manufacturing ecosystem and create employment opportunities. The EMPS 2024 scheme follows a temporary four-month extension granted to the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, with an additional outlay of INR 500 Cr.

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Centre Rolls Out INR 500 Cr Scheme To Push For E-Mobility

Inc42 · 1y ago

Centre Rolls Out INR 500 Cr Scheme To Push For E-Mobility

The Indian government has announced a new Electric Mobility Promotion Scheme 2024, with an allocation of INR 500 Cr (approximately $67 million) to support the sales of electric two- and three-wheelers. The scheme aims to avoid disruption in the EV ecosystem as the current FAME-II scheme comes to an end. The new scheme will provide incentives for 3.37 Lakh electric two-wheelers, 41,306 electric three-wheelers, 13,590 e-rickshaws, and 25,238 L5 electric three-wheelers. This comes as a response to the industry demand for incentive schemes and to promote the adoption of electric vehicles in the country.

New Rs 500 crore scheme to promote electric mobility kicks in from April 1

Economic Times

Economic Times · 1y ago

New Rs 500 crore scheme to promote electric mobility kicks in from April 1

The Indian government has introduced a Rs 500 crore Electric Mobility Promotion Scheme 2024 (EMPS 2024) to further boost the adoption of electric vehicles (EVs) in the country. The scheme, which will be effective from April 1, 2024, until July 31, 2024, offers financial support for the purchase of e-vehicles. Two-wheelers will receive up to Rs 10,000 in support, while small three-wheelers will get up to Rs 25,000, and large three-wheelers will receive up to Rs 50,000. The scheme aims to support the adoption of 3,72,215 EVs and promote the development of EV manufacturing in India.

EV Subsidy Scheme: Cabinet Approves PM E-DRIVE With An Outlay Of INR 10,900 Cr

Inc42 · 11m ago

EV Subsidy Scheme: Cabinet Approves PM E-DRIVE With An Outlay Of INR 10,900 Cr

The Indian government is set to implement PM E-DRIVE, a new scheme to promote electric vehicles (EVs) that will replace the existing FAME scheme. With a budget of INR 10,900 Cr over two years, PM E-DRIVE aims to provide subsidies and demand incentives of INR 3,679 Cr for various types of EVs, including two-wheelers, three-wheelers, ambulances, trucks, and other emerging EVs. The Ministry of Heavy Industries plans to introduce e-vouchers that EV buyers can use to avail demand incentives.

Cabinet Approves PSM Scheme With INR 3,435 Cr Outlay To Promote Adoption Of Ebuses

Inc42 · 11m ago

Cabinet Approves PSM Scheme With INR 3,435 Cr Outlay To Promote Adoption Of Ebuses

The government has introduced a new scheme to promote electric buses in India. The scheme aims to deploy more than 38,000 electric buses over a five-year period from 2025 to 2029. The government will provide support for the operation of these buses for up to 12 years. In addition to this scheme, the government has also approved the FAME-III scheme, now called the PM E-DRIVE scheme, to promote electric vehicles in the country.

Centre Extends EV Promotion Scheme Till September

Inc42 · 1y ago

Centre Extends EV Promotion Scheme Till September

The revised EV mobility scheme will focus on supporting 5.6 lakh electric vehicles, including 5 lakh two-wheelers and 60,709 three-wheelers. A total of INR 769.65 crore has been assigned for subsidizing the cost of eligible EVs, while an additional INR 8.35 crore has been allocated for administration purposes. The government had initially set aside INR 500 crore for the scheme, which was originally valid until July 2024.

Govt launches scheme to incentivise electric trucks by up to Rs 9.6 lakh under PM E-DRIVE

Economic Times

Economic Times · 1m ago

Govt launches scheme to incentivise electric trucks by up to Rs 9.6 lakh under PM E-DRIVE

Union Minister for Heavy Industries, HD Kumaraswamy, announced a new scheme incentivizing electric trucks under the PM E-DRIVE initiative. It aims to reduce vehicular emissions and support India's net-zero 2070 goals with a financial outlay of Rs 10,900 crore. Incentives up to Rs 9.6 lakh per vehicle will promote the purchase of e-trucks, targeting the deployment of 5,600 trucks. It's a significant step for sustainable freight mobility benefiting sectors like cement, steel, logistics, and ports.

PM e-drive scheme to aid in faster adoption of EVs: M&M, Tata Motors

YourStory

YourStory · 11m ago

PM e-drive scheme to aid in faster adoption of EVs: M&M, Tata Motors

Indian automakers Mahindra & Mahindra and Tata Motors have praised the PM e-drive scheme, a project aimed at promoting the adoption of electric vehicles (EVs) in India. With a total budget of INR 14,335 crore, the scheme includes the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme and the PM-eBus Sewa-Payment Security Mechanism (PSM) scheme. Both companies believe that the scheme will boost EV penetration in the country and accelerate India's transition to zero-emission mobility. The scheme offers subsidies and incentives for various EV categories, including electric two-wheelers, three-wheelers, ambulances, trucks, and buses.

Centre Notifies PM E-DRIVE Scheme To Boost EV Adoption

Inc42 · 11m ago

Centre Notifies PM E-DRIVE Scheme To Boost EV Adoption

The Indian government has announced a new scheme aimed at promoting the adoption of electric vehicles (EVs) by offering subsidies. The scheme will be implemented from October 2024 to March 2026 and will replace the previous Electric Mobility Promotion Scheme. The government has allocated INR 4,391 Cr for electric buses and INR 1,772 Cr for subsidizing electric two-wheelers.

Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India

Inc42 · 1y ago

Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India

The Indian government has approved a new policy that offers reduced import duties on electric vehicles (EVs) for companies willing to set up manufacturing facilities in the country. Under the scheme, import duties on vehicles with a CIF value of $35,000 or more will be lowered to 15% for five years. Companies would need to invest at least INR 4,150 crore ($500 million) to avail of this benefit. The policy aims to promote EV manufacturing in India and address the demands made by Tesla. The new scheme is expected to facilitate Tesla's entry into the Indian market.

In Electrification Push, PM E-DRIVE Likely To Fuel Local Manufacturing In Phased Manner: Report

Inc42 · 11m ago

In Electrification Push, PM E-DRIVE Likely To Fuel Local Manufacturing In Phased Manner: Report

The PM E-DRIVE Scheme, approved by the union cabinet, will include a phased manufacturing programme (PMP) to promote local manufacturing of electric vehicle (EV) components. Electric vehicle manufacturers that source components locally will receive financial support under the scheme, without any domestic value addition requirement. However, the financial aid for electric two-wheelers will be reduced to INR 5,000 per vehicle from 2025-26, while the subsidy for large electric three-wheelers will be capped at INR 25,000 per vehicle.

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