Government extends Phase-1 of FAME-India scheme by 6 months
Ministry of Heavy Industries and Public Enterprises has extended Phase-1 of FAME India Scheme to provide financial support to electric and hybrid vehicles by another six months till 30 September 2018 or till launch of phase-II. FAME India Scheme stands for Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles.
The subsidy amount is yet to be decided but it will be sufficient for next six months. Earlier phase-I of FAME India Scheme was initially for two years viz. FY2015-16 and FY2016-17. But it was further extended for period of six month (till 31 March 2018) or till launching of Phase-II
The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) India was launched in 2015 under National Electric Mobility Mission (NEMM). It aims at promoting eco-friendly vehicles in the country. The scheme is being administered by the Heavy Industries Ministry.
- Provide fiscal and monetary incentives for adoption and market creation of both hybrid and electric technologies vehicles in the country.
- Incentivise all vehicle segments, including two-wheelers, three wheeler auto, passenger four-wheeler vehicle, light commercial vehicles and buses.
Mandate: Support hybrid or electric vehicles market development and its manufacturing eco-system in country in order to achieve self-sustenance in stipulated period. It covers hybrid and electric technologies like a strong hybrid, plug-in hybrid and battery electric vehicles.
Four focused areas: Technology development, demand creation, pilot projects, and charging infrastructure.
Categories: India Current Affairs 2018