The FAME India scheme was started by the government in 2015 to promote eco-friendly vehicles, which has now been extended till March 31, 2024.
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The government on Friday said it has extended the second phase of the FAME India scheme to promote the manufacturing and use of electric vehicles by two years till March 31, 2024. The second phase of the FAME India scheme (Rapid Manufacture and Use of Electric Vehicles) focuses on making public and shared transport modes electric.
According to the notification of the Ministry of Heavy Industries, it is proposed to implement the scheme for a period of three years from April 1, 2019. Now with the approval of the competent authority, it has been decided to extend the second phase of FAME India scheme for two more years i.e. till March 31, 2024.
FAME India scheme was started in 2015
The government started the FAME India scheme in 2015 with the aim of promoting eco-friendly vehicles. In this regard, industry body FICCI said that the extension of the deadline of the scheme will help the industry to meet the delayed demand for electric vehicles.
With this, FICCI further said that the demand for electric vehicles has been badly affected due to the pandemic and the industry was looking for a two-year extension of the FAME II scheme, so that the amount allocated under this scheme would be transferred to electric vehicles. Can be used to increase the demand of the vehicle.
Electric vehicles become cheaper after the amendment in FAME II subsidy
Let us tell you that recently the subsidy of FAME II has been amended, under which the exemption on electric vehicles has been increased. The government has increased the benefit in this to Rs 15000 per kwh, which was earlier Rs 10000 per kwh. After this change, a discount of thousands of rupees has increased in the price of electric scooters and bikes. Many electric vehicle makers have cut the price of their vehicles by thousands of rupees. Customers can now buy scooters and bikes from companies like Okinawa, Ampere, Revolt Motors at low prices.
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