The government’s Electric Mobility Promotion Scheme (EMPS) 2024, aimed at accelerating green mobility and the development of the electric vehicle (EV) ecosystem in India, will end on July 31. Launched on April 1 with a budget of Rs 500 crore, the scheme has a limited payout under the demand incentive capped at Rs 493.55 crore, supporting up to 3,72,215 vehicles.
Last Chance Avail Centre EV Promotion Scheme
The Ministry of Heavy Industries stated, “If the funds for the scheme or its sub-components are exhausted before July 31, 2024, the scheme will close early, and no further claims will be entertained under EMPS 2024.” This means claims will be processed on a first-come, first-served basis.
Electric three wheeler, Last Chance Avail Centre EV Promotion Scheme
Eligible EVs must be manufactured and registered within the scheme’s validity period. The subsidies apply to e-2W (electric two-wheelers) and e-3W (electric three-wheelers) sold and registered until the funds are depleted, the vehicle cap is reached, or the deadline arrives—whichever comes first.
The two-wheeler industry anticipates a steady growth rate of 7 to 9 percent in FY25, fueled by rising EV sales supported by the government’s EMPS 2024, according to CareEdge Ratings. In FY23, EV sales reached approximately 0.73 million units, accounting for 4.54 percent of total two-wheeler sales, marking a significant year-on-year growth of 188 percent.
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