In the effort to facilitate the Ev adoption and strengthen local manufacturing, the government has recently declared several new enterprises for the Indian market. These steps are being taken as estimates suggest that sales of electric vehicles in India may surpass 1.5 lakh units during the current fiscal year (FY25). In the nation, the use of electric two-wheelers is also rapidly increasing. In FY24, e-2W sales skyrocketed to 17,52,406 units.
This extension was led by two-wheelers and three-wheelers, which provided 94 per cent to the total sales, according to the latest report by JMK Research and Analytics. The Ministry of Heavy Industries introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) on March 13 of this year with the goal of increasing the country’s EV adoption rate.
The programme, which had been scheduled to cost Rs 500 crore and run from April 1 to July 31, has now been extended by an additional two months.
The EMPS programme will now operate through September 30 and require a fresh investment of Rs 778 crore. The program seeks to support the nation’s EV manufacturing ecosystem’s expansion.
According to the Ministry, the scheme will apply mainly to those e-2W and e-3Ws registered for commercial purposes.
Furthermore, the Ministry states that registered e-2W that is individually or corporately owned will be eligible under the scheme in addition to commercial use.
The scheme now targets to support 560,789 electric vehicles (EVs), comprising 500,080 electric two-wheelers (e-2Ws) and 60,709 electric three-wheelers (e-3Ws).
The Plan advances the nation’s EV manufacturing sector, which in turn advances Prime Minister Narendra Modi’s goal of “Aatmanirbhar Bharat” by making it more effective, resilient, and competitive.
The objective is to draw in funding from international EV producers and market India as a location for e-vehicle manufacturing.
The government’s initiatives to create a more sustainable, ecologically friendly, and effective transportation sector are the main reason behind the country’s steadily rising electric car adoption, according to the most recent CareEdge Ratings survey.
Beyond automobiles and trucks, e-rickshaws and e-karts are also becoming more and more common in the nation as transportation becomes more electric.
Sales of electric buses increased dramatically to 3,708 units in FY2024, representing an 85% YoY gain.
