Ministry of Heavy Industry announced FAME India Phase II scheme extended for 2 years
The Ministry of Heavy Industries and Public Enterprises has issued a notification about the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme is extended for a period of two years that is up to 31st March 2024. Read further in detail about FAME India Phase II scheme.
The FAME India Phase II scheme states “The scheme is proposed to be implemented over a period of 3 years, w.e.f 1st April 2019, for faster adoption of electric mobility and development of its manufacturing eco-system in the country”. With the competent authority approval, the FAME II scheme is amended and extended for 2 years.
Earlier, the “NITI Aayog has suggested the reworking FAME II to help bring down the cost of EVs on par with those with internal combustion engines (ICE), leverage the benefit of aggregation, and achieve targets under the current allocation of Rs 10,000 crore,” the second source said.
The scheme aims to improve India’s charging infrastructure for EVs and support the electrification of public transport. It will also help to reduce vehicle emission and dependence on fossil fuels.
The FAME I ran from April 1, 2015, and was extended till March 31, 2019. The FAME II scheme had commenced on 1st April 2019 and will last until 3 years. But now it has extended up to 31st March 2024.
Also read related article: 6 EV Charging Infrastructure Projects funded by FAME II Scheme
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