In a move that’s charged up the country’s drive towards cleaner, greener roads, the Ministry of Heavy Industries has supercharged the FAME India Scheme Phase II, pumping up its budget from a hefty ₹10,000 crore to an even more formidable ₹11,500 crore. This financial jolt aims to accelerate India’s shift to electric vehicles (EVs), making clean mobility not just a vision but a rapidly approaching reality.
With an additional ₹1,500 crore in the kitty, the FAME (Faster Adoption and Manufacturing of Electric Vehicles) India scheme is now more equipped than ever to support the electrification of the country’s transportation. This increased outlay means more subsidies and support for electric two-wheelers, three-wheelers, and four-wheelers, ensuring they remain an attractive choice for consumers till March 31, 2024, or until the funds are depleted, whichever milestone comes first.
Breaking down the boosted budget reveals a strategic allocation aimed at maximizing the impact of every rupee spent. Electric two-wheelers, the most popular segment among the electric mobility options, have been allocated a lion’s share of ₹5,311 crore, recognizing their crucial role in urban mobility. Three-wheelers and four-wheelers haven’t been left behind, with allocations of ₹987 crore and ₹750 crore, respectively, ensuring a broad-based push towards electrification.
The scheme also earmarks ₹3,209 crore for electric buses, highlighting the government’s commitment to transforming public transport into a cleaner, more sustainable system. Additionally, ₹839 crore is dedicated to EV Public Charging Stations (PCS), ensuring that as more Indians go electric, they won’t be left stranded looking for a plug.
This financial turbocharge is part of the National Electric Mobility Mission Plan (NEMMP) 2020, which aims to make India a leader in electric vehicle adoption and manufacturing. Launched in 2015, the FAME India Scheme has been at the forefront of the country’s electric revolution, supporting everything from the creation of demand to the establishment of necessary charging infrastructure.
As India gears up to ride the electric wave, the enhanced FAME India Scheme Phase II budget is a clear signal of the government’s high-voltage commitment to clean mobility. With this boost, the road ahead looks electrifyingly promising for electric vehicles in India, ensuring that the country’s journey towards sustainable transportation continues at full speed.
|Revised outlay(Rs. Crore)
|Total for Subsidies (A)
|Grants for creation of capital assets (B)