Breaking News: India Launches New Subsidy Scheme for Electric Vehicles

For the past few years, India’s government has run the FAME-II scheme to encourage electric scooters, automobiles, and bikes. Under this scheme, EV buyers received incentives, making it more cheap for them to purchase electric vehicles. The FAME-II subsidy allowed individuals to purchase electric scooters, bikes, and scooters at a reasonable cost. The FAME-II scheme’s tenure concluded on March 31, and the government has not renewed it.

Despite demand from the EV industry, the government has not renewed the scheme. However, the closing of this plan will increase the burden on the customer’s pockets. The good news is that the government has begun a new plan in place of the FAME-II scheme. The new initiative is called the Electric Mobility Promotion Initiative 2024 (EMPS 2024).

This subsidy would be offered for around 3 lakh, 33 thousand two-wheelers. This initiative will provide a subsidy of Rs. 10 thousand for two-wheelers. Similarly, a subsidy of 25 thousand rupees would be offered for 3-wheelers, while a subsidy of 50 thousand rupees will be provided for large three-wheelers. This strategy will last till the month of July.