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FAME II Subsidies For E-Vehicles Till March-End Or Until Funds Are Available: Govt

The subsidies for electric vehicles have been increased to Rs 7,048 crore, with Rs 5,311 crore dedicated to electric two-wheelers.

FAME II Subsidies For E-Vehicles Till March-End Or Until Funds Are Available: Govt

Press Trust Of India

POSTED ON February 10, 2024 12:34 PM

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 the adoption of EVs in India -- FAME II -- was "fund- and term-limited".   

"It is hereby informed that the scheme is a 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 the creation of capital assets, whereas Rs 400 crore has been earmarked for the 'others' category. 

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