The Union Cabinet approved Rs 10,000 crore under the second phase of FAME India (Faster Adoption and Manufacturing of Electric Vehicles in India) for the promotion of electric and hybrid vehicles through FAME II.
FAME II Scheme Announced By Finance Minister Arun Jaitley
The scheme announced by Finance Minister Arun Jaitley on Thursday to incentivise the manufacture of electric vehicles. The FAME Scheme started in 2015 providing Incentives up to Rs 22,000 two-wheeler, Rs 61,000 for three-wheeler and Rs 1,87,000 for four-wheeler.
Union Cabinet Approved Rs 10,000 crore For FAME II
The FAME I will complete on March 31, 2019. The Cabinet Committee of Economic Affairs (CCEA) has approved a Rs 10,000 crore package for the second phase of Faster Adoption & Manufacturing of Electric (and hybrid) vehicles (FAME) scheme.
FAME II Scheme Starts From March 31st 2022
Union Finance Minister Arun Jaitley said that second package will continue for three years till 31st March, 2022.
All About FAME Scheme
“The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering an upfront incentive on a purchase of electric vehicles,” said the government in a statement.
FAME II Scheme Highlights
- To support 10 lakh electric two-wheeler, 5 lakh electric three-wheeler, 55,000 electric four-wheeler and 7,000 buses,
- To establish charging infrastructures connecting major city clusters, where stations will be available at every 25 km on both sides of the road.
- Electrification of public transportation that includes shared transport.
- Demand Incentives on operational expenditure mode, for electric buses, will be delivered through State/city transport corporation (STUs).
- In three-wheeler and four-wheeler, segment incentives will be applicable mainly to vehicles used for public transport or registered for commercial purposes.
- In the two-wheeler segment, the focus will be on private vehicles.
- To encourage advanced technologies, the benefits of incentives, will be extended to only those vehicles which are fitted with advance battery-Lithium Ion battery and other new technology batteries.
- Establishment of 2700 charging infrastructure in metros, other million-plus cities, smart cities and cities of Hilly states across the country, at least one charging station in a grid of 3 km x 3 km should be available.
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