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Electric Vehicle Subsidy Yojana: The Government of India has started a brand new scheme to promote electric vehicles in the country. This new scheme has been implemented by the Ministry of Heavy Industries, and it has come into effect on April 1, 2024, after the end of the widely popular FAME scheme on March 31.
Anyone interested in availing of the benefits of the Indian Government’s Electric Vehicle Subsidy Yojana can check out all the eligibility requirements, benefits, and other necessary information about the scheme by giving a read to this article till the end.
Electric Vehicle Subsidy Yojana Objective
The Ministry of Heavy Industries has initiated the Electric Mobility Promotion Scheme 2024 to advance the adoption of electric vehicles in India. This initiative has been taken with a focus on boosting domestic manufacturing and enhancing the EV supply chain. It aims to support 3,72,215 EVs by July 31, 2024.
The EMPS 2024 is a limited fund scheme that has an INR 500 crore budget for four months, and it has been started to give a boost to the general public’s interest in the adaptation of e-vehicles from April 1 to July 31, 2024. This initiative was inaugurated on March 13 by the Ministry of Heavy Industries, and it is aimed at giving priority to green mobility and also enhancing the overall ecosystem of EV manufacturing in the entire country.
The objective of the Electric Vehicle Subsidy Yojana is in alignment with the already functional Atmanirbhar Bharat Initiative, as it aims at empowering India’s manufacturing industry of e-vehicles. If the government gets successful in getting people aware of electric vehicles through this scheme, it is going to be really helpful in supporting domestic manufacturing, and also boosting the EV supply chain in India.
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Electric Vehicle Subsidy Yojana Highlights
Some of the major highlights of the Electric Vehicle Subsidy Yojana have been mentioned in the table provided below:
|
Scheme Under |
Central Government of India |
|
Initiative By |
The Ministry of Heavy Industries |
|
Subsidy Funds |
10,000 – 50,000 |
|
Eligible Vehicles |
Two-wheelers, Three-wheelers and others also |
|
Official Website |
https://e-amrit.niti.gov.in/electric-vehicle-incentives |
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Electric Vehicle Subsidy Yojana: How much money will be provided?
The Electric Vehicle Subsidy Yojana that has now officially come into effect has a budget of INR 500 crore, and it will continue till July end. Named Electric Mobility Promotion Scheme 2024, this program has been started to provide support of INR 10,000 per two-wheeler to about 3.33 lakh electric two-wheelers.
For small three-wheeler vehicles like e-rickshaws and e-carts, this yojana has provision for up to INR 25,000 in subsidies for over 41,000 such vehicle holders. For people who have a large three-wheeler, the benefits provided by the government under this scheme are even higher, as candidates will get up to INR 50,000.
The government has also revealed that subsidies under the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) scheme will be available for those e-vehicles that have been sold until March 31, 2024, or until the time the funds allocated for this program are available.
How to apply for Electric Vehicle Subsidy Yojana?
Just like people first search for how to apply for a government scheme for all kinds of financial benefit programs, they’ve been doing it for the Electric Vehicle Subsidy Yojana. But it must be pointed out that you don’t have to submit any online application form to avail yourself of the benefits of the subsidy for an e-vehicle.
The subsidy will be adjusted to the price of the vehicle you are purchasing by the seller if you are eligible for it. That’s why you will not need to claim the benefits of these yojanas separately. But it’s important to remember that you’ll be provided the benefits only if you’re eligible. If you are found to be ineligible for the subsidy during the document verification stage of your purchase, you will be required to pay the full price of the e-vehicle you purchase.
Electric Vehicle Subsidy Yojana: Conclusion
After going through all the above-mentioned information, you can easily understand that the Electric Vehicle Subsidy Yojana is an initiative by the Indian Government to boost the usage of electric vehicles among users. Moreover, it is also a great move to motivate people to buy e-vehicles in large numbers, as it’ll also help in reducing the issues around environmental pollution in large quantities.
Driving an electric vehicle can help reduce the carbon footprint because there will be zero tailpipe emissions, and that’s why this subsidy is a great decision. As one can even reduce the impact of charging your vehicle on the environment by choosing renewable energy options for home electricity, there’s probably no better option available in the market as of now.
If you fit the eligibility requirements when buying a new vehicle, go for an electric vehicle. As the Electric Vehicle Subsidy Yojana will help you buy the object at a cheaper price, it’ll end up being a great purchase for you, and it will also play a part in helping boost the manufacturing of e-vehicles in the country.
Electric Vehicle Subsidy Yojana: FAQs
What is the subsidy amount given under the Electric Vehicle Subsidy Yojana?
Those fulfilling the eligibility requirements can get a subsidy ranging from INR 10,000 to 50,000 under Electric Vehicle Subsidy Yojana, as per the government conditions.
Do I need to fill out an application form to avail of the Electric Vehicle Subsidy Yojana benefits?
No, you don’t have to fill out any online or offline application form or even submit an application for the Electric Vehicle Subsidy Yojana. If you are eligible for the subsidy, the seller will adjust the price accordingly when you are purchasing an e-vehicle.
What is the official website of the Electric Vehicle Subsidy Yojana?
People who want to get any information or know more about the Electric Vehicle Subsidy Yojana must visit the official website at; https://e-amrit.niti.gov.in/electric-vehicle-incentives.
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