The scheme's duration was 4 months (April 1 till July 31) with an outlay of INR 500 crore. "Total payout under the demand incentive is limited to INR 493.55 crore (supporting 3,72,215 vehicles).
In case the funds for the Scheme or its relevant sub-components are exhausted prior to July 31, 2024, then the Scheme or its relevant sub-components will be closed accordingly, and no further claims will be entertained under the EMPS 2024, said the Ministry of Heavy Industries.
The claims submitted under the scheme will be incentivised on a first-come-first-serve basis.
The EVs eligible for incentivisation under EMPS 2024 scheme must be manufactured and registered within the validity period of EMPS 2024 certificate. "The subsidies for demand incentive are eligible for e-2w and e-3w sold and registered until the funds are available or the number of vehicles supported reaches the maximum number or until July 31, 2024, whichever comes first," the ministry said.
The two-wheeler industry is expected to sustain a steady volume growth rate of around 7 to 9% in FY25, considering both domestic and export markets. The growth in FY25 is expected to be driven by higher electric vehicle (EV) sales supported by the government's EMPS 2024, according to CareEdge Ratings.
In FY23, EV sales reached about 0.73 million units, accounting for 4.54% of total two-wheeler sales, reflecting a remarkable year-on-year growth of 188%.
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