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PM Narendra Modi to Unveil Phase 2 of FAME Scheme on September 7, 2018

PM Narendra Modi to Unveil Phase 2 of FAME Scheme on September 7, 2018

Snapshot: PM Modi would unveil the scheme at the inaugural session of the 'MOVE', which a global mobility summit to be organised on September 7-8 in New Delhi.

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Prime Minister Narendra Modi will introduce the second leg of FAME India scheme on September 7, 2018 in the country. As per the officials, the second phase of the initiative will have an outlay of Rs 5,500 Crores while it will continue to offer indirect incentives and benefits to an individual on the purchase of electric vehicles. The first phase of FAME scheme was implemented for a couple of years till March 31, 2017, however it got extended twice for a duration of six months, upto March 31, 2018. In April again, the Union Government extended it by 6 months till September 2018.

Know about the FAME II scheme in detail!

Speaking of the second phase of FAME, it will be for five years and offer subsidiary on the purchase of all categories of electric vehicles, including two-wheelers, three-wheelers and four-wheelers including taxis and electric buses used in public transportation. It is being introduced to endorse green vehicles and curb the ever-rising levels of pollution. The second phase will also include setup of massive charging infrastructure to support electric vehicles, as per an official close to development. The paperwork with all the modalities has been completed by an inter-ministerial panel and it will soon be placed before the union Cabinet for approval. PM Modi would unveil the scheme at the inaugural session of the 'MOVE', which a global mobility summit to be organised on September 7-8 in New Delhi.

Though, contrary to the current pilot phase of the scheme, this time the hybrid vehicles are exempted from availing any kind of benefits or subsidiaries. Presently, the incentives are being offered on purchase of hybrid and electric cars, two-wheelers and three-wheelers under the Faster Adoption and Manufacturing of (Strong) Hybrid and Electric vehicles in India (FAME India-I) scheme. As per the ongoing scheme, the electric 2-wheelers get incentives in range of Rs 1800-29,000 depending on the technology, while the three-wheelers are eligible for incentives upto Rs 61,000. The automakers claim these benefits from the centre government by the end of each month.

With inputs from ET Auto

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