The government has announced that it will not extend the second phase of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme beyond March 31. This flagship scheme was launched to promote the adoption of electric vehicles in India.
The scheme will continue till 31 March 2024
The Ministry of Heavy Industries clarified that the subsidy under the FAME-2 scheme will be available for electric vehicles sold until March 31, 2024, or until funds are available. The outlay for the program has been increased from Rs 10,000 crore to Rs 11,500 crore.
Different segments got so much money
The ministry has allocated Rs 7,048 crore as a subsidy for electric two-wheelers, electric three-wheelers, and four-wheelers. Additionally, Rs 4,048 crore has been allocated for the creation of capital assets, and Rs 400 crore has been allocated under the “others” category.
News Summary:
★The government has decided not to extend the second phase of the FAME scheme beyond March 31.
★The subsidy under the FAME-2 scheme will be available until March 31, 2024, or until funds are available.
★The outlay for the FAME-2 program has been increased from Rs 10,000 crore to Rs 11,500 crore.
★Electric two-wheelers, three-wheelers, and four-wheelers are eligible for a subsidy of Rs 7,048 crore.
★Rs 4,048 crore has been allocated for the creation of capital assets, and Rs 400 crore has been allocated under the “others” category.
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