So far, the progress of the scheme has been slow in sectors like IT hardware, textile products and specialty steel, medical devices, automobile and auto components, ACC batteries, and white goods.
The Rs 500 crore EMPS 2024 scheme aims to boost electric vehicle adoption till July, supporting 3,72,215 EVs with incentives for various types of vehicles and advanced batteries, aligning with the Atmanirbhar Bharat initiative.
The demand for vehicles powered by traditional fuels is shifting towards alternative fuels, with petrol vehicle sales declining from 86% in 2020 to 76% in 2023. Alternative fuel-driven vehicles saw a 400% growth in CY 2023 compared to CY 2020. EVs offer the lowest lifetime cost, followed by CNG. India aims for 30% of vehicle sales to be electric by 2030.
The Indian heavy industries ministry announced the EMPS 2024 scheme, with a budget of Rs 500 crore, to promote e-mobility. The scheme offers support for 2-wheelers and 3-wheelers, with subsidies up to Rs 10,000 for 2-wheelers, up to Rs 25,000 for small three-wheelers, and up to Rs 50,000 for large three-wheelers.
The Indian heavy industries ministry announced the EMPS 2024 scheme, with a budget of Rs 500 crore, to promote e-mobility. The scheme offers support for 2-wheelers and 3-wheelers, with subsidies up to Rs 10,000 for 2-wheelers, up to Rs 25,000 for small three-wheelers, and up to Rs 50,000 for large three-wheelers.