Govt. extends FAME-II scheme by 4 months until July 31, 2024

FAME-II was introduced in 2019 for a period of 3 years, with a budget outlay of Rs 10,000 crore.

The government of India has extended the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) scheme until July 31, 2024. The scheme was initially set to expire on March 31.

The government has allocated an additional Rs 500 crore to cover subsidies for electric 2-wheelers and 3-wheelers. Media reports suggest that the extension aims to prevent disruptions in the EV sector.

The rollout of the FAME-III scheme has been delayed due to the upcoming general elections. The new scheme is expected to get approval only after the elections are over.

FAME-II was introduced in 2019 for a period of 3 years, with a budget outlay of Rs 10,000 crore. In the initial phases, the government provided subsidies for 7,000 electric buses, 5 lakh electric 3-wheelers, 55,000 electric cars and 10 lakh electric 2-wheelers.

Source: CNBC-TV18