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India’s Electric Mobility Promotion Scheme 2024 Sees a Four-month, ₹500 Crore Boost for EVs

The Indian government has launched a new initiative named the Electric Mobility Promotion Scheme 2024, as revealed by Mahendra Nath Pandey, the Minister of Heavy Industries in India, in an exclusive interview with CNBC-TV18.

This update comes as the electric vehicle (EV) promotion scheme, the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II), was set to conclude on March 31, 2024. However, it has now been rebranded as the Electric Mobility Promotion Scheme 2024 and extended until July 31, 2024.

According to Pandey, an additional allocation of ₹500 crore has been made to cover demand incentives for electric two-wheelers and three-wheelers over the next four months.

Pandey added that this scheme, approved by the Ministry of Heavy Industries (MHI), is designed to support the use of electric two-wheelers, three-wheelers and e-rickshaws.

Under the Electric Mobility Promotion Scheme 2024, the incentive for electric two-wheelers has been reduced from ₹22,500 to ₹10,000.

For electric three-wheelers, the incentive has been set at ₹25,000 for e-rickshaws and ₹50,000 for electric three-wheelers with a higher battery capacity.