The FAME India programme was launched in 2015 to promote the adoption of electric vehicles.
Centre likely to approve third fastest adoption and manufacturing of (hybrids and) Electric vehicle The scheme (FAME) will further promote the adoption of electric vehicles (EVs) within a month or two, Heavy Industries Minister HD Kumaraswamy said on Wednesday.
The government is reportedly considering a proposal worth Rs 11,500 crore for FAME III with incentives over a period of two years. The scheme is likely to have incentives for electric buses, three-wheelers and two-wheelers.
Addressing Assocham’s ‘National Conference on Electric Mobility’ held here, Kumaraswamy said several suggestions for FAME III have been received and the plan “will be approved” within the next two to three months.
The FAME India programme was launched in 2015 to promote the adoption of electric/hybrid vehicles (EVs) in India. Moreover, the outlay for the programme was increased from Rs 10,000 crore to Rs 11,500 crore.
Under Phase II of the scheme, applications for reimbursement of subsidy have been submitted by OEMs (electric vehicle manufacturers) for 1,671,606 electric vehicles worth Rs 6,825 crore.
The Centre said that 6,862 electric buses have been approved for intra-city operations under the FAME-II scheme. Of the 6,862 electric buses, 4,853 have been supplied till July 31. To further accelerate the adoption of electric vehicles, the government is now planning to launch FAME 3.0.
Meanwhile, the government has approved 50 of the 74 applications it received from automakers for PLI schemes in the EV sector, and the remaining 24 applications are under review. According to the approved applicants under the main PLI scheme, investments stood at Rs 17,896 crore and incremental sales crossed Rs 3,370 crore (till March 31).
Other key initiatives of the ministry include the Advanced Chemistry Cell (ACC) PLI scheme with an approved outlay of Rs 18,100 crore for 50 GWh, the Electric Mobility Promotion Scheme (EMPS) with an outlay of Rs 778 crore, and the SMEC initiative aimed at attracting global investments in electric vehicles with a minimum commitment of Rs 4,150 crore.
Last month, the number of electric vehicles registered in FY24 increased significantly by 42.06 percent compared to FY23.
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