Question
Which ministry has introduced the Electric Mobility
Promotion Scheme 2024, which aligns with the banking industry's efforts to support environmentally friendly and sustainable development?Solution
The Ministry of Heavy Industries, Government of India, announced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) in March 2024 to encourage the adoption of electric vehicles (EVs) in the country. The scheme will run from April 2024 to July 2024, with a total outlay of Rs 500 crore. The scheme will support purchase of two-wheelers and three-wheelers. The scheme will provide a subsidy of Rs 10,000 for two-wheelers, and Rs 25,000 for small three-wheelers. The subsidies will be eligible for electric two, three, and four wheelers sold until March 31, 2024, or until the time funds are available, whichever is earlier.
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