The policy, designed to aid market development and the manufacturing ecosystem of hybrid and EVs in India, continues till March 30, 2018.
08 Sep 2017 | 7932 Views | By Amit Panday
The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)-India scheme is set to receive an extension of six months.
Speaking at the SIAM Convention yesterday, Anant Geete, Minister of Heavy Industries and Public Enterprises, said that the government is considering extending the scheme to promote electric and ...
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The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)-India scheme is set to receive an extension of six months.
Speaking at the SIAM Convention yesterday, Anant Geete, Minister of Heavy Industries and Public Enterprises, said that the government is considering extending the scheme to promote electric and hybrid vehicles by another six months.
While Phase 1 was effective from April 1, 2015, to March 31, 2017, the FAME India scheme received a six-month extension till end-September, following pressure from the automotbile and auto ancillary industries on renewing the scheme. The objective was to support the market development and manufacturing ecosystem of hybrid and electric vehicles in India.
The Department of Heavy Industries had allocated Rs 75 crore and Rs 122.90 crore for FY2016 and FY2017 respectively. The budgeted amount allocated for the two years was not enough to meet the industry's original requirements, say top voices from the automotive industry.
Speaking at the 57th ACMA annual session today, Vishvajit Sahay, Joint Secretary of the Department of Heavy Industries, government of India, said, "We have extended the FAME India scheme by another six months up to March 31, 2018. I am sure that when FAME India Scheme Part 2 will be drafted, it will take into account the challenges and issues faced by the automotive industry during the implementation of the FAME India Scheme Part 1.”
The FAME India Scheme is learnt to have benefited a total of 148,275 electric and hybrid vehicles (xEVs) from April 1, 2015 till June 30, 2017. These 148,275 xEVs have been given direct support by way of demand incentives amounting to Rs 192.56 crore, resulting in saving of 13,553,917 litres of fuel and reduction of 33,971,052kg of CO2.