Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The Indian government has launched a new initiative to promote electric vehicles in the country. After the FAME plan ended on March 31, the Ministry of Heavy Industries implemented a new one that went into effect on April 1.
The government had earlier said that e-vehicles sold till March 31st, or until funds are available, will be eligible for subsidies under the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme scheme.
Thus, as of Monday, the new ₹500 crore initiative is operational and will last until the end of July. The new programme, known as the Electric Mobility Promotion Scheme 2024 (EMPS 2024), will provide up to ₹10,000 in support for each of the approximately 3.33 lakh two-wheelers.
The new scheme subsidises up to ₹25,000 for over 41,000 small three-wheelers (e-rickshaws and e-carts). The financial support will be up to ₹50,000 in case of a large three-wheeler.
The EMPS 2024, a four-month limited fund scheme of ₹500 crore, aims to boost the adoption of electric two-wheelers and three-wheelers from April 1 to July 31, 2024. The Heavy Industries Ministry unveiled this initiative on March 13 to propel green mobility and enhance the EV manufacturing ecosystem. The scheme targets supporting 3,72,215 EVs, specifically prioritizing vehicles equipped with advanced batteries for incentives.
Aligned with the Atmanirbhar Bharat initiative, EMPS 2024 focuses on fostering a competitive and resilient EV manufacturing industry in India. Adopting the Phased Manufacturing Programme under this scheme promotes domestic manufacturing and strengthens the EV supply chain, paving the way for increased employment opportunities across the value chain.
Also Read : Steel PLI 2.0 put on hold at the moment, 5 cos start rolling out products under existing PLI scheme Tax & Compliance Due Date Calendar: Key Dates for April 2025
$2.1B investment for European business support. $565M debt to convert into equity. Move to streaml...
Business 13-May-2025
The Central Electricity Authority (CEA) has proposed a draft plan to invest ₹4.75 trillion by 2027 t...
Business 27-Jan-2024
Tata Power, a company that provides electricity in Mumbai, has suggested changes to the tariffs, whi...
Large Corporate 30-Jan-2024
India is considering granting incentives to encourage private companies to establish lithium process...
Ferrous 10-May-2024
India is considering requiring automakers, especially luxury including Audi and BMW, to purchase gre...
Business 09-May-2024
Global crude steel production fell 4.3% year on year in March to 161.2 million metric tonnes (MMT),...
Ferrous 23-Apr-2024