The circular did not mention any change in the financial allocation to the scheme
The Department of Heavy Industries has amended the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME-II) scheme to be extended for an additional period 2 years.
In an official statement, the Department notified, “With the approval of the competent authority, it is decided that FAME India Phase II scheme is extended for a period of two (2) years i.e. up to 31st March 2024.”
FAME-II Scheme is the government’s flagship scheme for faster adoption of electric mobility and development of its manufacturing eco-system in the country. It was initiated in April 2019 with a financial outlay of Rs 10,000 crore and was proposed to be implemented over a period of 3 years to promote EVs by extending buyer subsidies.
The government recently partially amended the scheme where key modifications include incentives of Rs 15,000 per KWh for electric 2 wheelers, with a cap of incentives at 40 per cent of the cost of the vehicles and aggregation for bringing the upfront cost of electric 3 wheelers at an affordable level and at par with ICE 3-Wheelers.
The circular did not mention any change in the financial allocation to the scheme.
The mobility dashboard shows that the Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India – II scheme has achieved only 4.25 per cent of its sales targets till now. About 78,000 EVs in total have been sold under the scheme so far, as per the FAME-II website, against the intended target of 1 million electric two-wheelers, 500,000 three-wheelers, 55,000 cars and 7,000 buses.
