Tag - EV Subsidy

The Indian government has taken a significant step to promote electric mobility by extending the ‘Electric Mobility Promotion Scheme 2024’ until September 30. Initially set to run from April 1 to July 31, 2024, the scheme now aims to boost electric vehicle (EV) adoption nationwide by offering substantial subsidies. Key Highlights Extended Timeline: The Ministry of Heavy Industries announced that the ‘Electric Mobility Promotion Scheme 2024’ has been extended by two months, providing additional time for EV buyers to take advantage of the subsidies. Enhanced Budget: The total outlay of the scheme has been increased from INR 500 crore to INR 778 crore. This budget boost reflects the government’s commitment to accelerating the transition to cleaner transportation. Subsidies for EVs: Electric Two-Wheelers (e-2Ws): Buyers can now receive a subsidy benefit of up to INR 10,000 for electric two-wheelers. Small Three-Wheelers (e-3Ws): Subsidies of up to INR 25,000 are available for small three-wheelers. Large Three-Wheelers (e-3Ws): Large three-wheelers can benefit from subsidies of up to INR 50,000. Targeted EV Adoption: The scheme now aims to support a total of 560,789 electric vehicles, including 500,080 e-2Ws and 60,709 e-3Ws. This includes rickshaws, e-carts, and three-wheelers in the L5 category. Advanced Technologies: Incentives will be available only for EVs equipped with advanced batteries, encouraging the adoption of cutting-edge technology. Commercial and Private Use: The scheme applies mainly to e-2Ws and e-3Ws registered for commercial purposes. Privately or corporately owned e-2Ws are also eligible under the scheme. The extension of the Electric Mobility Promotion Scheme is a positive step toward reducing emissions, improving air quality, and creating a sustainable future for transportation in India. As the deadline approaches, potential buyers should take advantage of these subsidies to make the switch to electric vehicles. Also Read: Hyundai’s CSR mega projects in Maharashtra