Government extends FAME India Scheme by six-month
The Ministry of Heavy Industries and Public Enterprises has extended the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)-India scheme by six months to promote electric and hybrid vehicles.
The Phase 1 of the scheme was effective from April 2015, to March 2017, but had received six-month extension till end-September 2017. Now it has been extended by another six months up to March 31, 2018.
FAME India Scheme
The FAME India scheme was launched in 2015 under National Electric Mobility Mission Plan (NEMMP) with an aim to promote eco-friendly vehicles in the country. Its objective is to provide fiscal and monetary incentives for adoption and market creation of both hybrid and electric technologies vehicles in the country.
It also aims to support hybrid or electric vehicles market development and its manufacturing eco-system in country in order to achieve self-sustenance in stipulated period. It is being administered by the Heavy Industries Ministry. It will provide demand incentives to electric and hybrid vehicles from two-wheeler to buses.
The Department of Heavy Industries had allocated Rs 75 crore and Rs 122.90 crore for FY2016 and FY2017 respectively. It has benefited total of 148,275 electric and hybrid vehicles from April 2015 till June 2017.
National Electric Mobility Mission Plan (NEMMP) 2020
NEMMP aims to achieve national fuel security by promoting hybrid and electric vehicles in country. It has set ambitious target of 6-7 million sales of hybrid and electric vehicles year on year from 2020 onwards.
Categories: India Current Affairs 2017