The Ministry of Heavy Industries has unveiled the E-Transport Promotion Scheme 2024, a significant initiative aimed at accelerating the adoption of electric vehicles (EVs) in India. This strategic move is designed to bolster the country’s transition towards cleaner and more sustainable modes of transportation.
The E-Transport Promotion Scheme 2024:
- Scheme Duration and Budget: The scheme is set to be implemented from April 2024 to July 2024, with an allocated budget of Rs 500 crore. This period is crucial for fostering a substantial shift towards electric mobility.
- Financial Assistance for EV Purchases: A pivotal feature of the scheme is the provision of financial support for buyers of electric two-wheelers and three-wheelers, making EVs more accessible and affordable for the general populace.
- Assistance Details: Eligible beneficiaries will receive Rs 10,000 per two-wheeler and Rs 25,000 for small three-wheelers. This assistance is expected to benefit approximately 3.3 lakh two-wheelers and 41,000 small three-wheelers. For larger three-wheelers, the scheme offers a substantial subsidy of Rs 50,000.
- FAME-2 Program Conclusion: The scheme’s introduction coincides with the closure of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-2) program, which ends on March 31, 2024. The new scheme will likely continue the momentum generated by FAME-2 in promoting electric vehicles.
- Collaboration with IIT Roorkee: Enhancing the innovation ecosystem, the Ministry has also forged a partnership with IIT Roorkee, signing a Memorandum of Understanding (MoU) to spearhead advancements in the automotive and electric vehicle sectors. This collaboration, funded with Rs 24.6645 crore, is aimed at nurturing technological innovations and solutions for the EV industry.
Overview in Tabular Form:
| Aspect | Details |
|---|---|
| Scheme Name | E-Transport Promotion Scheme 2024 |
| Duration | April 2024 – July 2024 |
| Budget | Rs 500 crore |
| Beneficiaries | Buyers of electric two-wheelers and three-wheelers |
| Financial Assistance | Rs 10,000 per two-wheeler; Rs 25,000 for small three-wheelers; Rs 50,000 for big three-wheelers |
| Anticipated Beneficiaries | Approx. 3.3 lakh two-wheelers and 41,000 three-wheelers |
| Collaboration with IIT Roorkee | MoU signed to promote innovation in automotive and EV sector |
| Project Funding for Collaboration | Rs 24.6645 crore |
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