FAME II Subsidy: As per the announcement from the Centre, e-vehicles sold up until March 31, 2024, or until funds are available, are eligible for incentives under the second phase of the FAME Scheme. With the goal of promoting clean mobility in the nation, the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) initiative has increased its funding from Rs 10,000 crore to Rs 11,500 crore, according to the Ministry of Heavy Industries.
FAME II Subsidy extended to Rs 11500 Crore
According to an official announcement, the Ministry of Heavy Industries has increased the funding for the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) initiative from Rs 10,000 crore to Rs 11,500 crore in order to further promote clean mobility in the nation.
The Heavy Industries Ministry stated that FAME II, its flagship programme to encourage the use of EVs in India, was “fund- and term-limited” in its announcement.
The statement said, “It is hereby informed that the scheme is fund and term limited scheme, i.e. the subsidies for demand incentive will be eligible for e-2w, e-3w and e-4w sold till March 31, 2024, or till the time funds are available, whichever is earlier.”
About FAME 2 Subsidy
Introduced in 2019, the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME II) initiative aims to promote the switch from conventional cars to electric vehicles (EVs). The programme attempts to assist in the acquisition of reasonably priced, green public transportation choices.