FAME-II Scheme Extension Post March 31 Denied By Centre: Report

FAME-II Scheme Extension Denied: The Indian government has clarified that the flagship scheme to promote electric mobility, Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II), has not been extended beyond March 31. Media reports had surfaced stating that a temporary four-month extension till July 31 with a budget of Rs 500 crore, have been denied by the officials from the Ministry of Heavy Industries.

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Under FAME-II, subsidies for electric vehicles (EVs) will be applicable for vehicles sold until March 31, 2024, or until funds are available, as stated by the ministry last month. The program's budget has been increased from Rs 10,000 crore to Rs 11,500 crore. Under the scheme, electric two-wheelers, three-wheelers and four-wheelers are covered, with subsidies totaling Rs 7,048 crore. Additionally, Rs 4,048 crore has been allocated for grants to create capital assets, while Rs 400 crore has been earmarked for other purposes.

The ministry emphasised that the FAME-II scheme’s second phase is limited by funds and duration. The scheme aims to accelerate the adoption of EVs in India and promote sustainable transportation. FAME-II offers incentives for the purchase of electric vehicles to make them more affordable for consumers. It also includes subsidies for charging infrastructure to support the growth of electric mobility in the country.

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The government's focus on promoting electric mobility is part of its larger goal to reduce pollution and dependence on conventional fuels. By encouraging the adoption of EVs, the government aims to create a cleaner and more sustainable future for India's transportation sector. It is essential for the government to continue supporting the growth of electric mobility through initiatives like FAME-II. This will not only help reduce pollution but also contribute to India's goal of becoming a global leader in electric vehicle manufacturing and adoption.