Govt extends second phase of FAME scheme by two years

The government on Friday said it has extended the second phase of FAME India scheme by two years till March 31, 2024, for faster adoption of electric mobility and development of its manufacturing ecosystem in the country.

The second phase of FAME (Faster Adoption and Manufacturing of Electric Vehicles) India scheme focuses on supporting electrification of public and shared transportation.

A notification of the department of heavy industry said that the scheme is proposed to be implemented over a period of three years from April 1, 2019.

''Now with the approval of the competent authority, it is decided that FAME India Phase II scheme is extended for a period of two (2) years i.e. up to 31st March 2024,'' it said.

With an aim to promote eco-friendly vehicles, the government had launched the FAME India scheme (Faster Adoption and Manufacturing of (Strong) Hybrid and Electric Vehicles in India) in 2015.

Commenting on the development, industry chamber Ficci said the extension will help the industry in capturing the deferred demand for electric vehicles (EVs).

''The demand for EV was severely affected due to the pandemic and industry was really looking forward to the extension of FAME II scheme by a few more years so that the amount allocated under the scheme could be deployed to accelerate demand for electric vehicles,'' it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)