Revolt Motors Get Approval On Subsidy Under EMPS As per the current EMPS scheme, this is eligible for INR 10,000 per motorcycle as subsidy from Government of India, which will make it competitively priced in the market further boosting both the sales and profitability of the company in a big way.
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Revolt Motors has secured official approval from the Ministry of Heavy Industries to be eligible for Central Government's EV Subsidy schemes.
Revolt Motors was one of the seven EV companies that were fined by the government. However, it stated that it had proactively paid back the past availed subsidies under FAME-II subsidy regime.
With this step, all past issues related to FAME II subsidies stand fully resolved. It is not only eligible for the current ongoing Electric Mobility Promotion Scheme (EMPS) 2024 subsidy for electric two wheelers but also the subsequent FAME III subsidy scheme which is expected to follow EMPS.
The current scheme, EMPS, was extended by the Government of India till September 30, 2024 last week.
As per the current EMPS scheme, this is eligible for INR 10,000 per motorcycle as subsidy from Government of India, which will make it competitively priced in the market further boosting both the sales and profitability of the company in a big way.
Anjali Rattan, Co-Chairperson, RattanIndia Enterprises Ltd., the parent company of Revolt Motors said, "This endorsement is a testament to our relentless efforts towards the Make in India programme with its 100 per cent made in India electric motorcycles. Revolt Motors has an unwavering commitment to provide environmentally-friendly transportation solutions accessible to all Indians."
According to government data, FAME-I supported approximately 278,000 pure EVs with total demand incentives of INR 343 crore. FAME-II, which began in April 2019 with an outlay of INR 10,000 crore for three years, was later extended to March 2024.
EV sales this year have seen a significant increase of over 45 per cent, surpassing the challenges of subsidy reductions and regulatory changes. EV registrations in 2023 nearly reached 1.5 million units, a substantial rise from the previous year's figure of just over 1 million units. This growth has propelled the overall EV penetration in India to 6.3 per cent from 4.8 per cent in 2022, exceeding the 5 per cent mark.
