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Centre Considering Outlay Of INR 11K Cr For FAME-III, Sops For E-Buses & E-Rickshaws

Inc42 · 11m ago

Centre Considering Outlay Of INR 11K Cr For FAME-III, Sops For E-Buses & E-Rickshaws

The Indian government is planning to expand the FAME-III scheme, which aims to provide subsidies for electric vehicles. The proposed scheme will now include electric buses, autorickshaws, ambulances, police vehicles, and two-wheelers. The government is considering an outlay of INR 11,000 crore for the scheme. This announcement comes following a statement by union minister H. D. Kumaraswamy that the FAME-III subsidy scheme will be launched in the next two months.

Related News

FAME-III Subsidy: Centre To Penalise EV OEMs If Localisation Norms Flouted

Inc42 · 1y ago

FAME-III Subsidy: Centre To Penalise EV OEMs If Localisation Norms Flouted

EV companies seeking subsidies under FAME-III will need to pass a twice-yearly techno-commercial audit to ensure compliance with localisation guidelines. Non-compliance will require companies to refund subsidies with interest at a higher rate than the marginal cost of funds-based lending rate. The FAME-III scheme, expected to have an INR 10,000 crore outlay, will likely be announced in the upcoming budget.

Cabinet Approves PSM Scheme With INR 3,435 Cr Outlay To Promote Adoption Of Ebuses

Inc42 · 11m ago

Cabinet Approves PSM Scheme With INR 3,435 Cr Outlay To Promote Adoption Of Ebuses

The government has introduced a new scheme to promote electric buses in India. The scheme aims to deploy more than 38,000 electric buses over a five-year period from 2025 to 2029. The government will provide support for the operation of these buses for up to 12 years. In addition to this scheme, the government has also approved the FAME-III scheme, now called the PM E-DRIVE scheme, to promote electric vehicles in the country.

FAME III Unlikely To Be Feature In Union Budget

Inc42 · 1y ago

FAME III Unlikely To Be Feature In Union Budget

The Centre is working on the FAME-III scheme to promote electric vehicle adoption in India, according to HD Kumaraswamy. The reduction of taxation on hybrid vehicles is still being considered, with PM Narendra Modi having the final say. The FAME-III scheme is expected to have a budget of INR 10,000 Cr and will be announced in the Union Budget.

Centre Rolls Out INR 500 Cr Scheme To Push For E-Mobility

Inc42 · 1y ago

Centre Rolls Out INR 500 Cr Scheme To Push For E-Mobility

The Indian government has announced a new Electric Mobility Promotion Scheme 2024, with an allocation of INR 500 Cr (approximately $67 million) to support the sales of electric two- and three-wheelers. The scheme aims to avoid disruption in the EV ecosystem as the current FAME-II scheme comes to an end. The new scheme will provide incentives for 3.37 Lakh electric two-wheelers, 41,306 electric three-wheelers, 13,590 e-rickshaws, and 25,238 L5 electric three-wheelers. This comes as a response to the industry demand for incentive schemes and to promote the adoption of electric vehicles in the country.

Govt Extends PM E-Drive Scheme Till 2028

Inc42 · 10d ago

Govt Extends PM E-Drive Scheme Till 2028

The Ministry of Heavy Industries has extended the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme until 2028. This extension specifically benefits e-trucks, e-buses, and testing agencies due to challenges like high initial costs, inadequate charging infrastructure, range anxiety, slow charging, and the need for advanced skills in operation and maintenance. The scheme, launched in 2024, will see registered e-2W, e-rickshaws, and e-cart vehicles deadline extended until March 2026.

New INR 500 Cr Scheme To Promote E-Mobility Kicks Off Today

Inc42 · 1y ago

New INR 500 Cr Scheme To Promote E-Mobility Kicks Off Today

The Indian Ministry of Heavy Industries has launched the INR 500 Cr Electric Mobility Promotion Scheme 2024 (EMPS 2024) to support the adoption of electric vehicles (EVs) in the country. The four-month scheme, which started on April 1, aims to promote the use of electric two-wheelers and three-wheelers by providing subsidies of up to INR 10,000 and INR 25,000 respectively. It also aims to accelerate the development of the EV manufacturing ecosystem and create employment opportunities. The EMPS 2024 scheme follows a temporary four-month extension granted to the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, with an additional outlay of INR 500 Cr.

EV Subsidy Scheme: Cabinet Approves PM E-DRIVE With An Outlay Of INR 10,900 Cr

Inc42 · 11m ago

EV Subsidy Scheme: Cabinet Approves PM E-DRIVE With An Outlay Of INR 10,900 Cr

The Indian government is set to implement PM E-DRIVE, a new scheme to promote electric vehicles (EVs) that will replace the existing FAME scheme. With a budget of INR 10,900 Cr over two years, PM E-DRIVE aims to provide subsidies and demand incentives of INR 3,679 Cr for various types of EVs, including two-wheelers, three-wheelers, ambulances, trucks, and other emerging EVs. The Ministry of Heavy Industries plans to introduce e-vouchers that EV buyers can use to avail demand incentives.

Govt working on FAME III, implementation expected in near future: HDKumaraswamy

YourStory

YourStory · 1y ago

Govt working on FAME III, implementation expected in near future: HDKumaraswamy

The Indian government is working on implementing the FAME III scheme, which aims to promote and support electric mobility in the country. The Minister for Heavy Industries and Steel, HD Kumaraswamy, mentioned that preparations are underway and various ministries have recommended how to implement the program. However, FAME III is not expected to be announced in the upcoming Union Budget. The government is also considering a reduction in taxes on hybrid vehicles, which will be discussed under the leadership of Prime Minister Narendra Modi. The Minister further emphasized the importance of preparing the workforce for electric mobility to achieve India's ambitious goals.

H D Kumaraswamy tells automakers to follow PM E-DRIVE norms

Money Control

Money Control · 10m ago

H D Kumaraswamy tells automakers to follow PM E-DRIVE norms

Union Minister H.D. Kumaraswamy has urged automakers to adhere to the guidelines of the new PM E-DRIVE scheme, which provides incentives for electric vehicle production. This comes after controversy surrounding the FAME-II scheme, where some companies were accused of violating regulations to receive fiscal incentives. The government recently launched the PM E-DRIVE scheme with an outlay of Rs 10,900 crore to accelerate EV adoption and develop the EV manufacturing ecosystem in India. The scheme will be implemented from October 2024 to March 2026 and will replace the EMPS-2024 scheme.

FAME-III To Be Launched In Two Months: Union Minister Kumaraswamy

Inc42 · 11m ago

FAME-III To Be Launched In Two Months: Union Minister Kumaraswamy

The union minister for heavy industries emphasized the need for a skilled workforce to support the transition to electric mobility. Working with industry bodies, efforts are being made to bridge the skill gap and prepare a capable workforce for the future. Suggestions for the next phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, FAME-III, including those from the Prime Minister's Office, have been received by the ministry. Following the conclusion of FAME-II in April, the government introduced the INR 500 crore Electric Mobility Promotion Scheme (EMPS) 2024, which will remain valid until the end of September.

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