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The Ministry of Heavy Industries announced that the scheme outlay of FAME
The ministry also said that it is a “fund and term limited scheme”, which means that the subsidies for demand incentive will be eligible for e-two-wheelers, e-three-wheelers, and e-four-wheelers sold till March 31, 2024 or till the time the funds are available, whichever is earlier.
“We applaud the government’s decision to enhance the FAME India Scheme Phase II outlay to Rs 11,500 crore. This timely boost in investment is a shot in the arm for the EV industry, accelerating its growth trajectory and paving the way for a cleaner, more sustainable future,” VG Anil, CEO of EV battery manufacturer Arenq.
The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on purchase of EV and also by establishing a necessary charging infrastructure for electric vehicles.
“This Rs 1,500 crore boost sends a clear message: India is serious about electrifying its mobility landscape. Lower upfront costs for EVs, coupled with enhanced charging infrastructure, will incentivize riders to choose eco-friendly travel, accelerating the transition to a zero-emission future,” Mayank Bindal, Founder and CEO,
The number of EV charging stations that are operating in the country has gone up to 12,146 (as of February 2 this year), according to the government data.
“The extension of FAME II until the end of March with a substantial outlay of 1,500 crore is a positive move,” said
“This not only strengthens consumer-side subsidies but also enhances infrastructure, fostering widespread adoption and longevity of electric vehicles across the country,” Sharma added.
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