The Ministry of Heavy Industries (MHI) on Wednesday announced a new promotional scheme for electric two and three-wheelers for four months, beginning April 2024, with an outlay of ₹500 crore.

The scheme, Electric Mobility Promotion Scheme, 2024, aims to further promote e-mobility, particularly in the two and three-wheeler segments, which are critical to the decarbonisation of the logistics sector.

Financial support

Under the scheme, electric 2-wheelers will be provided a financial support measure of ₹10,000 per vehicle to support around 3.3 lakh 2-wheelers.

Similarly, ₹25,000 will be given for purchasing small three-wheelers, such as e-rickshaws and e-carts, with the objective to cover more than 31,000 such vehicles.

MHI is also offering a financial support of ₹50,000 on the purchase of a large category electric three-wheeler.

The Ministry also signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Roorkee (IIT Roorkee) to work together to encourage innovation and advance the automotive and electric vehicle (EV) sector.

The MoU aims to foster collaboration between MHI and IIT Roorkee to establish a centre of excellence and an industry accelerator to drive innovation in the automotive and electric vehicle sectors. Through this partnership, numerous start-ups have joined forces with IIT-Roorkee to pioneer projects in electric vehicles, etc.

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