Centre announces Rs 500 crore scheme to promote e-mobility

New Delhi: The central government on Wednesday announced a new scheme to promote e-mobility in the country with an outlay of Rs 500 crore for four months beginning April 2024.

The new scheme is for 2-wheelers and 3-wheelers.

The second phase of FAME-II or Faster Adoption and Manufacturing of Electric Vehicles in India programme ends on March 31, 2024.

PSU Watch is now on Whatsapp Channels. Click here to join

Announcing Electric-Mobility Promotion Scheme 2024 (EMPS 2024), Heavy Industries Minister Mahendra Nath Pandey said the Modi government is committed to promoting e-mobility in the country.

The scheme will be for four months till July 2024, the minister said.

Under the scheme, a support of up to Rs 10,000 per 2-wheeler will be provided. The aim is to provide support for about 3.33 lakh 2-wheelers.

A support of up to Rs 25,000 will be given for purchase of small three-wheelers (e-rickshaw and e-carts). More than 41,000 such vehicles will be provided the incentive under the scheme.

The financial support will be up to Rs 50,000 on purchase of a large three-wheeler.

Subsidies under the second phase of the FAME scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available.

Earlier in the day, Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee signed a Memorandum of Understanding to work together to encourage innovation and advance the automotive and electric vehicle (EV) sector.

"This MoU represents a joint effort to launch advanced initiatives for creating a Centre of Excellence (CoE) and an Industry Accelerator at IIT Roorkee under the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector Phase II of MHI," an official release said.

The collaboration seeks to utilise the combined knowledge and resources of both organizations to support groundbreaking projects that will influence the future of transportation.

With a total grant of Rs 19.87 crore provided by MHI and an additional Rs 4.78 crore contributed by industry partners, the total project cost is Rs 24.66 crore.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)