MHI Boosts Clean Mobility with INR 11,500 Crore Allocation for FAME India Phase II
The scheme's budget has been elevated from INR 10,000 crore to a robust INR 11,500 crore, marking a clear commitment to fostering the growth of EVs in the country.
February 10, 2024. By Abha Rustagi
Under the revised allocation of the FAME India scheme Phase II, the Ministry of Heavy Industries has delineated the distribution of subsidies for demand incentives and grants for the creation of capital assets.
A significant portion of the allocated funds is earmarked for various categories of electric vehicles (EVs). Specifically, INR 5,311 crore has been allocated for electric two-wheelers (e-2W), INR 987 crore for electric three-wheelers (e-3W), and INR 750 crore for electric four-wheelers (e-4W), amounting to a total subsidy outlay of INR 7,048 crore.
Additionally, INR 3,209 crore has been designated for e-Buses and INR 839 crore for Electric Vehicle Supply Equipment (EV PCS). Moreover, a substantial sum of INR 4,048 crore has been allocated for grants aimed at the creation of capital assets. Further, INR 404 crore has been set aside for other miscellaneous purposes. In total, the revised allocation for the FAME India Phase II scheme stands at a notable INR 11,500 crore.
This substantial increase in funding reaffirms the government's commitment to fostering a robust ecosystem for electric mobility, encompassing two-wheelers, three-wheelers, four-wheelers, electric buses, and charging infrastructure.
Moreover, it has been clarified that the enhanced scheme outlay of INR 1,500 crore will ensure continued support for demand incentives until March 31, 2024, or until the allocated funds are exhausted, whichever occurs earlier. This highlights the urgency and importance attached to promoting the adoption of electric vehicles within a defined timeframe.
The FAME India Phase II scheme aims to not only incentivize the purchase of electric vehicles but also facilitate the development of necessary infrastructure to support their widespread adoption. With the automotive industry undergoing a significant transformation towards sustainable mobility, initiatives like FAME India Phase II play a pivotal role in steering the country towards a greener and cleaner future.
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