Rs. 50,000 Discount on EV’s! Here Everything you need to know.
If you are thinking of buying a new Electric Vehicle than this news is just for you
The Indian Government has recently introduced a groundbreaking Electric Mobility Promotion Scheme aimed at revolutionizing the transportation sector in the country. Under this scheme, significant discounts are being offered to promote the adoption of electric vehicles, particularly two-wheelers and three-wheelers.
The Electric Mobility Promotion Scheme 2024 has been formally announced by the Ministry of Heavy Industries (MHI) through a gazette notification, with a focus on public transportation that is both economical and environmentally sustainable. Though personally or corporately held registered e-2Ws are also eligible, the scheme primarily targets vehicles used for commercial or public transportation. The proposed incentives for the e-2W and e-3W categories are Rs. 5,000 per kWh, with maximum caps of Rs. 10,000 for e2w, Rs. 25,000 for e-rickshaw/e-cart, and Rs. 50,000 for e3w (L5 category). Support is intended for about 3.3 lakh e2ws, 13,500 e-rickshaws/e-carts, and 25,000 e3ws (L5 category). A threshold ex-factory price is suggested in order to stop luxury cars from receiving incentives.
To qualify, OEMs must follow the instructions in Annexure-V. As the EV ecosystem develops, the MHI maintains the ability to change the PMP rules. An e-enabled framework will be used to distribute demand incentives, and manufacturers will submit monthly reimbursement claims to MHI for settlement. The MHI-provided EMPS Guidelines paper contains comprehensive reimbursement guidelines.
In Short, Electric two-wheelers will receive a discount of Rs. 10,000, while e-rickshaws and e-karts will be eligible for a discount of Rs. 25,000. Along with this, Electric three-wheelers falling under the L5 Category will benefit from a substantial discount of Rs. 50,000.
Electric Mobility Promotion Scheme 2024 will get implemented after the removal of previous FAME Scheme. The affect date of new Scheme will be from 1 April 2024 to 31st July 2024 as of latest information.
The Government of India has invested Rs.5000 Crore in the Scheme to promote small electric vehicles in India.
This initiative not only incentivizes the transition towards eco-friendly transportation options but also supports the government's vision of reducing carbon emissions and promoting sustainable development. The scheme is expected to drive the uptake of electric vehicles in India, contributing towards a cleaner and greener environment for future generations.
