Government EV push, FAME II ending March 31st 2024, FAME III likely in main budget in July – World News Network

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New Delhi [India], March 31 (ANI): The faster adoption and manufacturing of electric vehicles II scheme (FAME II) is ending today. Government has given a total subsidy of Rs 11,500 crore under the scheme to manufacturers and consumers.
The FAME II scheme, with a budget outlay of Rs 10,000 crore, was introduced in 2019 for a period of three years. The scheme was targeted to support 7,000 e-buses, 5 lakh e-3 Wheelers, 55,000 e-passenger cars and 10 lakh e-two wheelers. Later another Rs 1500 crore was allotted for the scheme. As of 30th March, 15,42,452 electric vehicles have been subsidized under the scheme. It includes 13,64,929 two-wheelers, 15,71,71 three-wheelers and 20,352 four-wheelers.
Tata motors was the biggest beneficiary of FAME II for making e-3 and e-4 wheelers and Ola was the the biggest beneficiary under the for e-2-wheelers segment. A total of 221 models of electric vehicles benefitted under the FAME II scheme.
The budgeted allocation for FAME II was Rs 5,171.97 crore in the year 2023-24.
Responding to a question in the Rajya Sabha, the Ministry of Heavy Industry has said that the entire budgeted allocation under FAME II was used up in the first three years, beginning from 2019-20, falling marginally in 2022-23, but in 2023-24, there was a huge gap.
In the Interim budget of this year, finance minister has allocated Rs 2671.33 crore for FAME III scheme but details of it is likely to be announced by the new government in the main budget in July 2024. It is almost 44% cut from the allocation of FY 2023-24, but Industry expects government will hike this amount in the main budget.
To promote electric vehicles in the country the Ministry of heavy industry (MHI) has also sanctioned 6,862 e-buses for various cities, state transport undertakings, and state governments for intra-city operations.
The ministry has also sanctioned 2,877 EV charging stations in the same period in 68 cities across 25 states and union territories. However, out of these, only about 150 have been constructed and are operational.
MHI had also sanctioned Rs 800 crore as capital subsidy to the three OMCs under the ministry of petroleum and natural gas for the setting up of 7,432 EV charging stations.
The government has not extended FAME II but it has announced a new scheme called Electric Mobility promotion scheme 2024. With an outlay of Rs 500 crore, the scheme will give subsidy for adoption and manufacturing of e-2-wheelers and e-3-wheelers.
To promote India as a manufacturing destination for e-vehicles, earlier this month, on 15th March 2024, government has announced limited imports of cars at lower custom duty to attract global EV manufacturers. Companies who take this benefit will have to set up manufacturing facilities in India in 3 years and attain a localization level of 50% within 5 years.
The policy will allow Indian customers to latest technology and boost Make in India initiative. It is expected that global EV manufacturers like Tesla will take this benefit and set up manufacturing unit in India.
The FAME II subsidy scheme is expiring today, the interim Budget has allocated a mere Rs 2671 crore for FAME III for fiscal FY25, this reflects a sharp drop in allocation, it was Rs 5172 crore for FY 24.
The EV Industry and Ministry of heavy Industries are pushing for a higher allocation for EVs and extension of the subsidy scheme with the focus on pubic electric transportation and expansion of charging stations. The new government may consider and allocate a bigger fund for faster adoption of EVs in the main budget in July 2024. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


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