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New FAME initiative will provide subsidy for all electric cars in India

August 24, 2018, 12:25 PM IST by Omkar Thakur
New FAME initiative will provide subsidy for all electric cars in India

- Only electric vehicles, no hybrids included

- The subsidy will depend upon the price tag for all – 2-wheelers, 3-wheelers and cars

The government of India has finalised the second phase of the FAME initiative that was launched in 2015 to promote the sale of electric and hybrid cars. The Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India has been redrawn to exclude hybrid vehicles and will concentrate only on fully electric cars.

Under the FAME II scheme, the government has allotted funds amounting to Rs 5,500 crores to subsidize electric vehicles. This includes all types of vehicles from two-wheelers to three-wheelers, passenger cars, taxis and even buses. As of now, the subsidies are being claimed by manufacturers at the end of every month based on the sales.

While the automotive industry has been rallying for increased support for hybrid vehicles to ease the transition from fossil fuel cars to electric vehicles, the FAME committee comprising of senior bureaucrats from the transport ministry, Niti Aayog and other ministries, have decided against it.

The subsidy will range from Rs 1,800 to Rs 29,000 for two-wheelers and Rs 3,000 to Rs 61,000 for three-wheelers, depending upon the technology and the invoice price. The amounts will be higher for electric cars and buses and should run into lakhs of rupees.

Tags:Mahindra,Mahindra e2o Plus,e2o Plus
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