Urging the industry not to panic, HD Kumaraswamy said it will be extended till FAME-III is announced. | File Photo
The Electric Mobility Promotion Scheme 2024, which offers incentives for electric two- and three-wheelers, will be extended till FAME III is finalised, Union Minister HD Kumaraswamy said on Monday.
Speaking on the sidelines of the annual session of the Automotive Component Manufacturers Association (ACMA), Heavy Industries Minister Kumaraswamy said it will take more time to finalise the third phase of the ‘Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles’ (FAME) scheme.
“It will be extended for one or two more months,” he said when asked if the Electric Mobility Promotion Plan (EMPS), which ends this month, would be extended.
Urging the industry not to panic, he said that “it will be extended till FAME-III is announced.”
EMPS was launched in April and ran until September 30.
It was announced in March this year that it would be implemented from April 1 to July 31, with an outlay of Rs 500 crore. It was later extended to September 30, with a total outlay of Rs 778 crore.
Under the scheme, the government is providing a subsidy of up to Rs 10,000 per electric two-wheeler (e2W) and Rs 25,000 per electric three-wheeler (e3W) and up to Rs 50,000 for heavy e3Ws (cars and commercial vehicles).
Regarding FAME III, he said that any gaps noted in FAME II are being addressed and work is being done internally.
Asked what the amount to be invested in FAME III would be, Kumaraswamy said it will be announced in a “short period” without revealing details.
He said that FAME III will see some modifications with respect to FAME II, which is currently being worked on.
Addressing the session, the minister said that the government will continue to provide necessary support to ensure that India remains a global leader in manufacturing and innovation.
“Together we can build a future that not only strengthens our economy but also strengthens India’s place as a global leader in mobility components and advanced technology,” he added.
Speaking at the session, industry body CII Chairman Sanjiv Puri stressed the need for a collective effort between government, industry and academia to achieve the goal of Viksit Bharat by 2047 and be globally competitive.
The automotive industry has an important role to play in this, he said, while drawing attention to the need to train the workforce to prepare for future needs, as well as focusing on innovation and building a sustainable supply chain to overcome the impact of global disruptions.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 9, 2024 | 1:14 PM IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.