Centre denies FAME-II EV scheme extension beyond March 31
The Ministry of Heavy Industries has put an end to recent rumors, stating that the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) scheme will not be extended by four months. The ministry confirmed that the program will conclude on March 31 and dismissed reports that an extra Rs. 500 crore had been set aside for electric two-wheeler and three-wheeler subsidies.
FAME-II scheme fund and term
FAME-II, the second phase of the initiative promoting electric vehicle (EV) adoption in India, has a set budget and time frame. Subsidies will be available for electric vehicles sold up until March 31 this year, or until funds run out. To recall, the ministry previously revealed that the FAME-II budget had increased from Rs. 10,000 crore to Rs. 11,500 crore.
FAME-III proposals submitted amid election delays
Although proposals for FAME-III have been submitted, its launch has reportedly been postponed due to the upcoming general elections. Reports indicate that the new scheme could be approved after the elections. According to the revised FAME-II budget, electric two-wheelers, three-wheelers, and four-wheelers are eligible for Rs. 7,048 crore in subsidies, with Rs. 4,048 crore designated for capital asset creation grants and Rs. 400 crore reserved for other categories.