India's FAME II scheme for electric vehicle subsidies has been extended until March 31, 2024, or until funds are exhausted. The scheme's outlay has also been increased to Rs 11,500 crore.
New Delhi, Feb 9 (PTI) Subsidies under the second phase of FAME Scheme will be eligible for e-vehicles sold till March 31, 2024 or till the time funds are available, whichever is earlier, the government said on Friday.
To give a further push to clean mobility in the country, the Ministry of Heavy Industries has announced that the outlay of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme has been enhanced from Rs 10,000 crore to Rs 11,500 crore, an official statement said.
The heavy industries ministry said in the statement that the second phase of its flagship scheme to promote adoption of EVs in India -- FAME II -- was "fund- and term-limited".
"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," it added.
As per the revised outlay, electric two-wheelers, electric three-wheelers, and electric four-wheelers are eligible to avail of subsidies to the tune of Rs 7,048 crore. Besides, Rs 4,048 crore has been allocated towards grants for creation of capital assets, whereas Rs 400 crore has been earmarked for the 'others' category.
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