- Ministry of Heavy Industries extends the EMPS
- Subsidy now available till 30 September
- The overall budget has been increased to Rs. 778 crore
The Ministry of Heavy Industries (MHI) has just announced the extension of the Electric Mobility Promotion Scheme (EMPS). The subsidy is now available till 30 September 2024 and the overall budget has been extended to Rs. 778 crore as opposed to the earlier Rs. 500 crore.
However, the MHI is yet to announce the budget breakdown for the subsidy amount allotted to electric two-wheelers and three-wheelers. Overall, the number of electric two-wheelers eligible for the subsidy is now 5,00,080 compared to the earlier 3,33,387 units. For reference, each electric two-wheeler benefits from a Rs. 10,000 subsidy. The two-month extension of the EMPS should provide relief to the entire ecosystem. It will not only encourage the dealerships but also the end buyers.
The FAME II expired back in March this year and since then, the EMPS has been one of the aids for electric two-wheeler sales. However, the extended time frame is just a couple of months, so it remains to be seen what will be the long-term solution for the electric mobility ecosystem.
