EMPS Subsidy: Will FAME III Come To The Rescue Of Electric Vehicles?

The Electric Mobility Promotion Scheme 2024 will come to an end this month, leaving EVs in a cloud of confusion about the future. Electric vehicles have been in the  dilemma of getting subsidy since FAME II came to an endsoon.

Under the EMPS subsidy, scooters such as the Ather 450X, Ather Rizta, Ola S1 Pro, TVS iQube, Bajaj Chetak are eligible. The Electric Mobility Promotion Scheme 2024, (EMPS), was introduced in April and was originally to end in July. The government extended the scheme till the end of September with an additional budget of Rs 500 crore.

The goal is to have 30 percent of all vehicles sold in India be EVs by 2030, but the path to it is still far off. If the government introduced FAME III, a chunk will go towards the development of EV infrastructure, such as setting up charging stations across the country. With EMPS ending, the electric vehicle scenario is now left in doubt. FAME III is the only solution to tackle the problem. However, it will have a smaller outlay compared to FAME II, which had a budget of Rs 11,500 crore.

Government led FAME-III initiative is set to supercharge the adoption of electric vehicles across the nation with a whopping INR 10,000 crore budget. From electric two-wheelers and three-wheelers to government-owned buses, this ambitious program aims to change urban and rural transportation., FAME-III is not just reducing our carbon footprint but also promoting more sustainable mobility solutions, by offering financial incentives. Despite the challenges, there is an opportunity for the industry to re-strategize for the future as the importance of continued innovation, sustainable practices, and strategic planning to drive EV adoption beyond incentives cannot be ignored.

With a commitment to sustainability and reducing carbon emissions, the country has been making significant progress in the adoption and promotion of EVs.  One of the key drivers of this transformation is the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) initiative. Following the success of FAME I and II, the upcoming FAME III promises to take India’s EV journey to new heights and be part of this transformation by connecting people and communities committed to sustainability.