The atmosphere of uncertainty surrounding the completion of the Central Government’s Faster Adoption and Manufacturing of Electric Vehicles Phase II (FAME-II) project on March 31, 2024 finally came to an end. According to a report from a leading Indian news outlet, the Indian government has extended the deadline for the FAME-II project until July 31, 2024, providing an additional four months. This decision is seen as a compromise to address the interests of both electric vehicle buyers and sellers.
The deadline for the FAME-II project has been extended by an additional four months. An additional subsidy of 500 crore rupees has been allocated for electric two and three-wheelers, providing further relief to electric vehicle manufacturers. This extension aims to support manufacturers for several more months without impacting sales prices, ensuring they can benefit from incentives and sell at competitive prices.
The report mentions that the implementation of the Central FAME-III project is delayed due to the upcoming Lok Sabha elections. The foundation of FAME-III will be based on the principles of FAME-II. This indicates a clear intention to enhance support for the use of electric vehicles, fostering the Centre’s commitment to promoting electric mobility.
It is reminded that various electric two-wheeler manufacturers are offering discounts throughout the month of March. Prominent companies in this list include Ola Electric and Bounce Infinity etc.The aim behind providing discounts is to clear existing stock. It’s worth noting that the FAME-II scheme, introduced with the 2019 budget, had allocated ₹10,000 crores over three years to promote the proliferation of electric vehicles.
