Indian Government Gives Huge Boost To EVs With 10X Budget Under Second Phase Of FAME Scheme

The Indian government has finally delivered on its promise to dedicate a substantial budget to increase the adoption of electric vehicles EVs in the country. The budget was approved on February 28 by the Cabinet Committee of Economic Affairs CCEA. The amount has to be invested in the infrastructure to support EV adoption within the next three financial years.

Sarthak DograUpdated: Mar 20, 2019, 16:11 IST
India FAME Scheme, FAME Scheme Second Phase, FAME EV Subsidy, India Electric Vehicles Subsidy, EV Su

After more than a year¡¯s delay, the Indian government has finally delivered on its promise to dedicate a substantial budget to increase the adoption of electric vehicles (EVs) in the country. With the rollout of the second phase of the FAME scheme, the government has approved a Rs 10,000 crore fund for it.

Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles scheme initiated under the National Electric Mobility Mission plan back in 2015 had a total Rs 895 crore fund allotted to it in the first go. With the second phase coming in, the same budget has been increased ten-times, now amounting to Rs 10,000 crore in order to promote ¡®greener mobility¡¯.

The budget was approved on February 28 by the Cabinet Committee of Economic Affairs (CCEA). The amount has to be invested in the infrastructure to support EV adoption within the next three financial years.

India FAME Scheme, FAME Scheme Second Phase, FAME EV Subsidy, India Electric Vehicles Subsidy, EV Su

Representative Image (Image: Sarthak Dogra/ IndiaTimes)

Also read: Electric Vehicles Get A Boost In New Delhi Government Budget, Allocated Rs 100 Crore

Along with subsidies to the buyers of EVs, the budget will be spent on the corresponding infrastructure like charging stations, testing facilities and the resources to operate these facilities.

The move has been immensely appreciated by the Hybrid and electric vehicles (EV) manufacturers. Shailesh Chandra, President Electric Mobility and Corporate Strategy, Tata Motors, said, ¡°We welcome the government's move on FAME II. It brings clarity and policy stability in the industry, thus creating an environment for all players to commit to the journey of sustainability. We see this as the key intervention in accelerating penetration of electric vehicles and realisation of the government¡¯s Vision 2030.¡±

The phase 1 of the scheme was summed up with a total of 2.65 lakh vehicles being supported and charging stations being put up with the fund allotted during the tenure.

Pawan Goenka, Managing Director, Mahindra & Mahindra, said, ¡°The new outlay of Rs 10,000 crore over a period of three years provides a stable policy to promote green mobility in India. It addresses the key issues including National Energy Security, mitigation of the adverse impact of vehicles on the environment and growth of domestic technology and manufacturing capabilities. The revised FAME II removes all uncertainty and will put adoption of electric vehicles in the fast lane.¡±

India FAME Scheme, FAME Scheme Second Phase, FAME EV Subsidy, India Electric Vehicles Subsidy, EV Su

Representative Image (Image: Sarthak Dogra/ IndiaTimes)

Also read: 50% Of Karnataka Govt. Run Vehicles Will Be Electric By The End Of The Year Confirms Minister

With the second phase of the FAME scheme, the government aims to support 1 million e-two-wheelers, 500,000 e-three-wheelers, 55,000 e-four-wheelers and 7,000 e-buses. Subsequently, around 7200 charging stations will be put up using the fund across major cities of India.

The plan is to have a charging station in every grid of 3x3 km. On highways, the stations have been proposed to be set up at a 25 km interval.

As for the testing facilities, NATIS will be setting-up automotive test facilities at seven locations across the country, with a total investment of Rs 3,723.30 crore. The ministry is also inviting tenders for the same.

The budget for the subsidies on electric vehicles has been reduced though, with the new budget allotting Rs 195 crore for the same, as opposed to the Rs 260 crore fund granted earlier.

21/11/2024 16:48:12
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