 "Electric vehicles, EVs, Electric car")
As of August 15, the EMPS has achieved 60 per cent of its revised target, supporting 334,260 electric vehicles out of a target of 560,000 units, according to Business Standard | File image
The Electric Mobility Promotion Scheme (EMPS) will be extended until the rollout of the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III), Union Minister for Heavy Industries H D Kumaraswamy (HDK) said during the 64th ACMA Annual Session in New Delhi.
ACMA is the Automotive Component Manufacturers Association of India.
“It will be extended till FAME comes,” said the minister when asked about the possibility of an extension for the scheme, which is set to expire on September 30. The extension is likely to be for two months.
If it comes, this will be the second extension for the EMPS, which was initially launched for four months from April 1 to July 31, with an outlay of ₹500 crore. The scheme was extended by two months ahead of its initial deadline, with its allocation increased to ₹778 crore.
As of August 15, the EMPS has achieved 60 per cent of its revised target, supporting 334,260 electric vehicles out of a target of 560,000 units, according to Business Standard.
Claims amounting to ₹214 crore, or 27 per cent of the allocated ₹778 crore, have been submitted, representing over 42 per cent of the funds utilised from the previous outlay.
Major original equipment manufacturers (OEMs) such as Ather Energy, Ola Electric, TVS, Hero MotoCorp, Kinetic, Revolt, Mahindra, and Piaggio are key participants in the scheme.
The Ministry of Heavy Industries (MHI) is also drafting a plan under which any electric vehicle (EV) sold under the subsidy scheme will carry the ministry’s logo, along with a certificate informing customers about the scheme. Additionally, the government may mandate a self-KYC process, requiring customers to upload a selfie and authenticate their Aadhaar details on a government portal to register their vehicles, Business Standard reported last week.
The FAME scheme, launched in 2015 with an initial outlay of ₹900 crore, was followed by FAME-II, which had an outlay of ₹11,500 crore. These schemes have played a pivotal role in boosting EV sales from fewer than 7,000 units in FY15 to 1.5 million units in FY24, accounting for 6.8 per cent of total automobile sales.
Despite this success, the conclusion of FAME-II in March 2024 has caused a slowdown in the industry, even as the number of industry players surged from 124 in FY15 to 731 in FY24.
First Published: Sep 09 2024 | 12:52 PM IST
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