Schedule a Call Back
NEW DELHI: The newly-unveiled Electric Mobility promotion scheme
or EMPS would promote the nascent electric vehicle (EV) industry including
acceleration in adoption and manufacturing in line with Atmanirbhar Bharat
(self-reliant India), a top official said.
"A new scheme has already been launched by the Ministry
of Heavy Industries, called the Electric Mobility promotion scheme that will
continue for four months," Hanif Qureshi, Joint Secretary, Ministry of
Heavy Industries says Economic Times (ET).
On 13 March, 2024 Prime Minister Narendra Modi government unveiled
the Electric Mobility promotion Scheme (EMPS) 2024, with a focus to encourage
the purchase of electric two-wheelers (e2W) and three-wheelers (e3W) in the
country.
"It (scheme) is to increase the faster adoption and
manufacturing of electric vehicles, particularly two-wheelers and
three-wheelers," Qureshi said, adding that the ongoing schemes would boost
the industry that could play an important role towards GDP contribution.
With an emphasis on providing affordable and
environment-friendly public transportation options, the Department of
Expenditure of the Ministry of Finance approved the scheme with an outlay of Rs
500 crore for a four-month period between April 1, 2024 and July 31, 2024.
The scheme aims to offer impetus to green mobility including
the development of the EV manufacturing ecosystem in the country. The scheme
aims to support 3,72,215 EVs. Last year, a parliamentary panel had suggested
the government to release a comprehensive nationwide policy on EV by
incorporating best practices worldwide and successful state models. The
government's flagship Faster Adoption and Manufacturing of (Hybrid &)
Electric Vehicles flagship scheme or FAME - II, according to the official,
would come to an end on March 31, 2024.
Qureshi said that the government is facilitating industry
growth through the existing programs and other fiscal and non-fiscal measures that
the department undertakes.
The official, however, has denied having any plans to come
out with a special incentives scheme for startups in India.
Under the Centre's ambitious production-linked incentive
(PLI) scheme for automobiles, 85 companies such as Tata Motors, Mahindra,
Maruti Suzuki, Toyota, Hyundai and Ola have applied, in addition to three firms
under the PLI-ACC (Advanced Chemistry Cell) scheme - Reliance New Energy
Battery Storage Limited, Ola and Rajesh Exports.
Electric vehicles are envisaged to grow at a CAGR of 49 per
cent till 2030, and the domestic market is expected to touch 1-crore units in
annual sales by 2030 and is likely to create 5-crore direct and indirect jobs,
as per the Economic Survey 2022-23.
In 2021, Bharat FIH had established two subsidiaries—Bharat Taiwan Corporation and Rising Stars Hi-Tech—to enhance research, product development, and engineering capabilities.
Read moreThe report underscores that the Inflation Reduction Act (IRA) has provided a solid framework for renewable energy investments, particularly in solar energy, which has grown to 178 GW in 2023 from 15..
Read moreThar ROXX has made history by becoming the first body-on-frame SUV to secure a 5-star Bharat-NCAP rating, achieving the highest overall score by any ICE vehicle in Bharat-NCAP testing.
Read moreTata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
Hi There!
Now get regular updates from IPF Magazine on WhatsApp!
Click on link below, message us with a simple hi, and SAVE our number
You will have subscribed to our Industrial News on Whatsapp! Enjoy
Schedule a Call Back