EMP Scheme: The Modi government at the Center has given a big gift to electric vehicle manufacturing companies and its buyers before Holi. It is reported that the government has approved the Electric Mobility Portable Scheme 2024 (EMP Scheme 2024) to promote the manufacturing, sale and purchase of electric vehicles and related equipment. According to media reports, Commerce and Industry Minister Piyush Goyal has said that through this scheme, an effort has been made to promote the manufacturing of electric vehicles in India and attract electric vehicle manufacturing companies from around the world. The biggest thing is that under this scheme any company will now be required to invest at least 50 crore dollars i.e. Rs 4,150 crore. It will also be entitled to various duty concessions.
Make in India promotion
The Ministry of Commerce and Industry said that this will provide access to advanced technology to electric vehicle users in India. Apart from this, the scheme will promote ‘Make in India’ initiative. Electric vehicles will strengthen the EV ecosystem by promoting healthy competition among manufacturers, leading to higher production volumes, economies of scale, lower costs of production and reduced imports. The ministry has said that this will reduce the import of crude oil and reduce the trade deficit. With this, air pollution in Indian cities will be reduced and there will be a positive impact on health and environment.