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FAME India: Phase 2 is over for EV subsidy, New Scheme is here…

ByAnubhav Sharma

Apr 1, 2024
subscidies for Ev's

FAME India Scheme

The FAME India Scheme is a government subsidy scheme under the National Electric Mobility Mission Plan (NEMMP). FAME stands for faster Adoption And Manufacturing of (hybrid&) & Electric Vehicles in India. It is a government-backed Scheme. It aims to promote the adoption of electric vehicles in India.

The second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-2) program in the country concluded on March 31, 2024.

scheme will remain in effect

The government has been consistently supporting electric mobility in the country. In line with this, a new scheme worth 500 crore rupees is set to be implemented from April 1, 2024, to promote electric vehicles in the country. This scheme will remain in effect until the end of July 2024.

According to reports, the Ministry of Heavy Industries has launched the Electric Transport Promotion Scheme 2024 (EMPS 2024) to encourage the adoption and acceleration of electric vehicles (EVs) in the country. Under EMPS 2024, assistance of up to 10,000 rupees per two-wheeler will be provided. The aim is to provide support to approximately 3.33 lakh two-wheelers.

FAME-2

Meanwhile, the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-2) program, aimed at accelerating the adoption and manufacturing of electric vehicles, concluded on March 31, 2024. Subsidies under the FAME scheme were available for electric vehicles sold until March 31 or until the funds were exhausted.

Under the new scheme, the following discounts will be provided:

– Up to 25,000 rupees in assistance for the purchase of small electric vehicles (e-rickshaws and e-carts).

– Incentives will be provided for more than 41,000 such vehicles.

– Financial assistance of up to 50,000 rupees will be available for large electric vehicles.

EMPS 2024 is a limited-term plan aimed at rapidly adopting electric two-wheelers (E-2W) and vehicles. A total expenditure of 500 crore rupees will be incurred from April 1, 2024, to July 31, 2024, under this plan.

development of green transportation systems

The Ministry of Heavy Industries announced this initiative on March 13 to further accelerate the development of green transportation systems and electric vehicle manufacturing in the country. The goal of this scheme is to support 3,72,215 electric vehicles. The ministry stated that incentives will only be provided to vehicles equipped with advanced batteries. This scheme is also expected to generate employment opportunities on a large scale.

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