Govt to Clear FAME 3 Scheme in 1-2 Months
The third phase of the FAME scheme will replace the temporary Electric Mobility Promotion Scheme (EMPS) 2024, which is set to expire by the end of September.
September 05, 2024. By Aishwarya
“Several suggestions are coming for FAME 3. Even Prime Minister’ Office has given some suggestions,” he said while speaking on the sidelines of ASSOCHAM’s National Conference on Electric Mobility.
The third phase of the FAME scheme will replace the temporary Electric Mobility Promotion Scheme (EMPS) 2024, which is set to expire by the end of September.
The EMPS scheme, initially valid for four months and later extended for two more months, was launched with a total outlay of INR 500 crore after the FAME 2 scheme expired on March 31 to ensure continuity in incentives for electric two and three-wheelers.
The FAME 2 scheme was rolled out in 2019 with an initial outlay of INR 10,000 crore for three years ending in 2022. It was later extended to March 2024 with an additional outlay of INR 1,500 crore. The initial target of the scheme was to support 10 lakh electric two-wheelers, 5 lakh electric three-wheelers, 55,000 passenger cars, and 7,000 electric buses.
Several new-age OEMs, particularly two-wheeler ones, and industry bodies have been pushing the government for a continuity in subsidies. The demand subsidy given under the scheme has been instrumental in driving the early-stage adoption of electric vehicles in the country.
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