Government has extended the date of FAME II scheme
The Ministry of Heavy Industries has announced a financial outlay of Rs Rs 1,500 crore to Rs 11,500 crore. The FAME II scheme was launched in 2019 and was supposed to end in 2022 but has been extended till March 31, 2024.
The project targeted 10 lakh electric two-wheelers, 5 lakh electric three-wheelers, 55,000 electric passenger cars and 7,0000 electric buses. Earlier, till January 31, a total subsidy of Rs 5,790 crore was given to electric vehicle manufacturers for the sale of 13.41 lakh EVs under the scheme.
The government has said that FAME II is a “fund and period-limited scheme”. Subsidy under the scheme will be eligible for vehicles sold till March 31 or until funds are available, whichever is earlier. In the interim budget presented last week, the government has allocated 3 thousand crore rupees. 2,671 crore was announced. Currently, the government has not announced whether the scheme will be extended or not.