The government said on Tuesday that the Electric Mobility Promotion Scheme (EMPS) 2024, which seeks to further boost green mobility and the nation’s ecosystem for EV production, is set to expire on July 31.
The program had a four-month lifespan, from April 1 to July 31, and cost Rs 500 crore. “The demand incentive has a maximum total payout of Rs 493.55 crore, supporting 3,72,215 vehicles.”
According to the Ministry of Heavy Industries, the Scheme or its pertinent sub-components would be closed and no further claims will be accepted under the EMPS 2024 if the finances for the Scheme or its relevant sub-components are depleted before July 31, 2024.
First-come, first-served incentives will be applied to claims filed under the plan.
The EVs that qualify for the EMPS 2024 program incentives must be produced and registered throughout the certificate’s validity term. “The subsidies for demand incentive are eligible for e-2w and e-3w sold and registered until the funds are available or the number of vehicles supported reaches the maximum number or until July 31, 2024, whichever comes first,” stated the ministry.
Taking into account both local and international markets, the two-wheeler sector is predicted to maintain a consistent volume growth rate of between 7 to 9 percent in FY25. According to CareEdge Ratings, increased sales of electric vehicles (EVs) encouraged by the government’s EMPS 2024 are anticipated to propel the growth in FY25.
About 0.73 million EVs were sold in FY23, making up 4.54% of all two-wheeler sales. This is an astounding 188% annual growth in EV sales.
