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The FAME India II scheme will be launched by Prime Minister Narendra Modi on September 7, 2018. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was introduced in India to offer incentives for sales and manufacturing of electric and hybrid vehicles in India.
The Government of India has allotted a budget of Rs 5,500 crore for the Phase II of the FAME scheme and it will be used in the next five years. The budget is dedicated to offering the subsidy for all types of electric vehicles manufactured and sold in the Indian market.
An inter-ministerial panel has finalised the modalities of the FAME II scheme and it will be soon placed before the Union Cabinet for approval. The FAME II will be launched at the first session of MOVE global mobility summit in Delhi. The launch will be also witnessed by several global CEOs from the automotive sector.
The FAME II scheme will offer the subsidy for electric vehicles including two-wheelers, three-wheelers, four-wheelers and commercial vehicles such as taxis and electric buses. But the hybrid vehicles will not avail the benefits of the scheme in the second phase.
Under the FAME II scheme, the electric two-wheelers will be provided with incentives ranging from Rs 1,800 to Rs 29,000 and the battery-operated three-wheelers will be provided with a subsidy in the range of Rs 3,300 to Rs 61,000. Manufacturers can claim the incentives from the government by the end of each month.
In 2015, the Phase 1 of the FAME scheme was introduced for a period of two years till March 2017. The scheme was extended for another one year which lasted till March 2018. And finally, the FAME was extended for the last time in April and it will last till the introduction of the FAME II.
Thoughts On The FAME II Scheme
The FAME scheme is a very good initiative by the government to promote the manufacturing and sales of the electric vehicles. But in the second phase, the hybrid vehicles will not get any incentives and it might be a downside of the scheme. The hybrid vehicles are said to be an alternative solution until the electric vehicles become mainstream in the Indian market.