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The government extends the FAME-II scheme by four months, providing a lifeline to electric vehicle manufacturers with a ₹500 crore outlay. 

Govt extends FAME-II scheme deadline by 4 months, allocates additional ₹500 crore to the scheme: Report

The government extends the FAME-II scheme by four months, providing a lifeline to electric vehicle manufacturers with a ₹500 crore outlay.&nbsp;

In a move to provide relief to electric vehicle manufacturers, the government has extended the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles) scheme by four months, averting potential disruptions in the EV industry. The scheme, which was set to expire on March 31, will now continue until July 31, 2024, with an additional allocation of ₹500 crore to cover subsidies for demand incentives for electric two and three-wheelers, as per a CNBC-TV18 report.
According to the report, the approval for the FAME-III scheme might be delayed until after the general elections. This extension comes as a relief for EV firms, many of which were under pressure to clear their inventories before the previous deadline. Companies like Bengaluru-based Bounce Infinity and Ola Electric had recently slashed prices by significant margins in a bid to sell off their stock. What is FAME-II Scheme?
The FAME-II scheme, launched in 2019 with a budget of ₹10,000 crore for three years, aimed to support the adoption of electric vehicles across various segments. This included targets such as subsidizing 7,000 e-buses, 5 lakh e-3 wheelers, 55,000 e-passenger cars, and 10 lakh e-two wheelers. As of December 21, 2023, a total of 12,16,380 vehicles have been subsidized under the scheme, amounting to an expenditure of ₹5,422 crore.
The extension of the FAME-II scheme is expected to provide a much-needed boost to the EV industry, allowing manufacturers to continue their operations with the assurance of government support. It also signifies the government's commitment to promoting clean and sustainable mobility solutions in the country. Also Watch: <a href="https://www.editorji.com/business-news/markets/sensex-nifty-hit-fresh-record-highs-in-early-trade-on-thursday-1709790613415">Sensex, Nifty hit fresh record highs in early trade on Thursday</a>

The ride towards electric vehicles has been slower than the govt would have hoped in India. To give the EV ride some acceleration the government has&nbsp;modified the FAME scheme which will make electric 2-wheeler cheaper under the new scheme. Here are the highlights-:&nbsp;

Demand incentives for electric two-wheelers will be increased 50%, to Rs15k/KWh.
Incentives will, however, be capped at 40% of the cost of the vehicle.
Energy Efficiency Services Limited (EESL) &ndash; a JV between NTPC Ltd, Rural Electrification Corp. Ltd, Power Finance Corp. Ltd, and Power Grid Corp. of India Ltd. &ndash; will aggregate demand for 300k electric three-wheelers.
For electric buses, nine key cities with population of more than 4 million will be targeted &ndash; Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat, and Pune
EESL will again act as an aggregator of demand for the remaining e-buses on an opex basis. The details of implementation shall be worked out by EESL.

Only 6% of the target of 1 mn electric two-wheelers by 2022 under the&nbsp;FAME scheme has been achieved so far. The numbers are even lower for three-wheelers and four-wheelers at 3% each.

Govt gives a big EV push, FAME incentives increased

Govt gives a big EV push, FAME incentives increased. Focus on EV buses and two wheelers.&nbsp; Please tag Prakash&nbsp;Javadekar&nbsp;to this tweet. and EESL

The ride towards electric vehicles has been slower than the govt would have hoped in India. To give the EV ride some acceleration the government has&nbsp;modified the FAME scheme which will make electric 2-wheeler cheaper under the new scheme. Here are the highlights-:&nbsp;
<ul>
<li>Demand incentives for electric two-wheelers will be increased 50%, to Rs15k/KWh.</li>
<li>Incentives will, however, be capped at 40% of the cost of the vehicle.</li>
<li>Energy Efficiency Services Limited (EESL) &ndash; a JV between NTPC Ltd, Rural Electrification Corp. Ltd, Power Finance Corp. Ltd, and Power Grid Corp. of India Ltd. &ndash; will aggregate demand for 300k electric three-wheelers.</li>
<li>For electric buses, nine key cities with population of more than 4 million will be targeted &ndash; Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat, and Pune</li>
<li>EESL will again act as an aggregator of demand for the remaining e-buses on an opex basis. The details of implementation shall be worked out by EESL.</li>
</ul>
Only 6% of the target of 1 mn electric two-wheelers by 2022 under the&nbsp;FAME scheme has been achieved so far. The numbers are even lower for three-wheelers and four-wheelers at 3% each.

FAME-II EV Scheme Extended

The Ministry of Heavy Industries and Public Enterprises has further extended the validation of the Faster Adoption and Manufacturing of Electric Vehicles or FAME II scheme for a period of three months. The validity was previously extended in July this year to the end of September 2020 and this is the second extension to the scheme for electric vehicles. All registered automakers under the FAME II scheme will now be able to avail the benefits till December 31, 2020. The extension applies to all approved electric two-wheelers, three-wheelers and four-wheelers with-effect-from October 1, 2020. However, there is yet no clarity about bigger vehicles like electric buses.

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