FAME-II scheme extended until March 2024

Circular did not mention changes in financial allocation to the system

The Ministry of Heavy Industries has revised and extended the Phase II (FAME-II) scheme for faster adoption of electric vehicles in India for another two years.

In an official statement, the ministry said, “With the approval of the competent authorities, it was decided to extend the FAME India Phase II scheme for two years, until March 31, 2024.”

The FAME-II scheme is the government’s main scheme for the faster adoption of electrical mobility and the development of a manufacturing ecosystem in the country. It started in April 2019 with a fiscal spending of Rs 100 billion and was proposed to be implemented over a three-year period to promote EVs by expanding buyer subsidies.

The government recently partially revised the scheme, which includes an incentive of Rs 15,000 per KWh for electric motorcycles in a major change. The upper limit of the incentive is 40% of the cost of the vehicle, and the initial cost of the electric tricycle is at an affordable level, which is equivalent to ICE3-Wheelers.

The Circular did not mention changes in the financial allocation to the system.

The Mobility Dashboard shows that the Faster Adoption and Manufacturing (FAME) – II scheme of electric vehicles in India has achieved only 4.25 percent of its sales target to date. So far, a total of about 78,000 EVs have been sold, targeting 1 million electric motorcycles, 500,000 tricycles, 55,000 cars and 7,000 buses, according to the FAME-II website. I will.

https://www.electronicsb2b.com/headlines/fame-ii-scheme-extended-till-march-2024/ FAME-II scheme extended until March 2024

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