FAME-III To Be Unveiled In The Next Two Months

The Indian government is set to launch the third phase of its electric vehicle promotion scheme, FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles), within the next two months. This announcement was made by H D Kumaraswamy, the Union Minister of Heavy Industries, during a recent conference on electric mobility.

FAME-III will replace the current Electric Mobility Promotion Scheme (EMPS) 2024, ending in September. The new scheme aims to address issues found in previous versions and incorporate suggestions from various sources, including the Prime Minister's Office.

An inter-ministerial group is currently working on the details of FAME-III. The minister emphasised that they are considering multiple suggestions to improve upon the previous phases of the scheme.

(Also Read: 2024 Annual Budget: FAME-III Subsidy: What We Know And What To Expect)

The FAME initiative began in 2019 with its second phase, which had an initial budget of ₹10,000 crore for three years. This was later extended until March 2024 with an additional ₹1,500 crore. The scheme aimed to support adopting various types of electric vehicles, including two-wheelers, three-wheelers, cars, and buses.

As India pushes for greater electrification in its transport sector, the FAME-III scheme is expected to be crucial in promoting electric vehicle adoption and supporting the country's transition to cleaner mobility solutions.