FAME II Scheme Gets Union Cabinet’s Nod; Rs. 10,000 Crore Allocated For EVs
The much awaited Faster Adoption and Manufacturing of Electric Vehicles II (FAME II) scheme has finally been cleared by the union cabinet on February 28, 2019 with a total allocation of Rs. 10,000 crore. The allotted amount will be laid out in the next three years with the scheme being implemented from April 1, 2019. The new scheme is in succession to the FAME I scheme which earmarked an investment of Rs. 895 crore in 2015. The current allocation of Rs. 10,000 crore has been channelized to speed up the development of EVs and EV infrastructure in a bid to achieve the target of 100 per cent electrification of vehicles by 2030. Also Read: Electric Car Sales Fall In FY18; Two-Wheeler EVs Sales Growth Stable The FAME II scheme primarily aims to incentivise the purchase of electric vehicles and establishing the requisite charging infrastructure for electric vehicles. The emphasis will also continue to be on the electrification of public transport vehicles and other shared mobility solution