Fame 2 Budget Increased To INR11,500 Crore, Validity Till March 2024
Opportunity India Desk
Feb 14, 2024 -
2 min read
In what could be a good news for the electric vehicle industry, the government of India has hiked the budget outlay from the original INR 10000 crore to INR 11,500 crore, committing an additional Rs 1,500 crore. The budget outlay will be valid till March 31, 2024 or till the funds are available, whichever is earlier.
The subsidies will be available for electric two, three and four-wheelers. Interestingly, the government has already provided INR 5,884 crore in subsidies under the scheme. This means a total of INR 5,616 crore will still be available for consumers to benefit from the FAME 2 scheme.
Till date, the FAME scheme has benefitted 12,11,843 electric two-wheelers; 142,713 electric three-wheelers and 17,301 electric four-wheelers.
Manish Raj Singhania, President, FADA said, “We, at FADA, welcome the Government’s proactive decision to enhance the outlay of the FAME India Scheme Phase II from INR 10,000 crore to INR 11,500 crore. This significant increase not only underscores the Government’s commitment to clean mobility but also instills confidence in the ecosystem, including manufacturers, dealers and most importantly, consumers.
The revised subsidies for e-2Ws, e-3Ws, e-4Ws and the special focus on e-Buses and EV charging infrastructure are pivotal steps towards creating a sustainable and vibrant electric vehicle ecosystem in India. As the president of FADA, I assure that our dealer members are more energised than ever to contribute to this clean mobility drive.
“We are committed to working hand-in-hand with the government to ensure that the benefits of these incentives reach the consumers effectively and to facilitate the transition towards electric vehicles. The extension of this scheme once again show’s government’s foresight and its dedication to achieving environmental sustainability. We look forward to continued support and policies that will further boost EV adoption across the country, making India a leader in the global EV space,” he added.
