Government Rejects Claims of Extending FAME-II EV Subsidy Scheme

The Ministry of Heavy Industries has denied reports of extending the flagship scheme to promote EVs, FAME-II, beyond March 31, 2024.

For those unaware, some media reports claimed that the centre has provided a temporary four-month extension to the FAME-II scheme until July 31, with a budget of Rs 500 crore for the period. The reports also affirmed that the new FAME-III scheme will be introduced after the general elections. However, now the government has dismissed such claims.

Also Read: Interim Budget 2024: Key Announcement For Automobile Industry

Subsidies under the second phase of the FAME Scheme will be applicable to electric vehicles (EVs) sold until March 31, 2024, or until funds are exhausted.

In other news, electric two-wheeler manufacturers sold 81,963 units in February 2024, an increase of merely 36 units compared to January 2024 (81,927 units). Ola Electric currently stands as the market leader, with a record of 33,733 vehicles sold last month.

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