Electric Transport Incentive Scheme: The Modi administration extends the electric car scheme’s two-month grace period
Electric Transport Incentive Scheme: The Electric Transport Incentive Scheme (EMPS) has been extended for an additional two months by the Narendra Modi administration at the Center. The government has also raised overall spending to Rs 778 crore in addition to this. The Ministry of Heavy Industries introduced the program in March of this year. Its goal is to encourage the nation to utilize electric cars (EVs). Let us remind you that the EMPS program was initially planned to spend Rs 500 crore and operate from April 1, 2024, to July 31, 2024. The government has now broadened the program’s purview.
What is the scheme’s objective?
Eligible electric vehicles under the initiative include registered e-rickshaws and e-carts, as well as electric two- and three-wheelers. The initiative aims to provide accessible and environmentally friendly public transportation solutions to the general population. It will primarily cover e-two-wheelers and e-three-wheelers registered for commercial use. In addition, registered e-two-wheelers that belong to corporations or private individuals will also qualify for the program.
Assistance for more than 5 lakh EVs
Currently, 5,60,789 electric vehicles (EVs) are intended to be supported by the program, including 60,709 e-3Ws and 500,080 e-2Ws (electric two-wheelers). This comprises 47,119 e-3Ws in the L5 category and 13,590 rickshaws and e-carts. Only electric cars with updated batteries will be eligible for incentives to encourage new technology. The plan has a fund cap.
Emphasize independence
The programme advances the nation’s electric vehicle manufacturing sector, making it more effective, competitive, and seamless and supporting the Prime Minister’s Aatmanirbhar Bharat goal. In order to achieve this, a phased manufacturing program (PMP) has been implemented, strengthening the supply chain for electric vehicles and promoting local manufacture. Along the value chain, this will also result in a large increase in job prospects.
