Govt to Finalize FAME 3 Scheme in 1-2 Months: Union Minister
Govt to Finalize FAME 3 Scheme in 1-2 Months: Union Minister
Union Heavy industries Minister H D Kumaraswamy announced on wednesday that the government is expected to finalize the third phase of its electric mobility adoption scheme, FAME, within the next one to two months. An inter-ministerial group is currently reviewing inputs for the scheme and addressing issues identified in the previous phases of the Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles (FAME) initiative.
FAME 3 will replace the temporary Electric Mobility Promotion Scheme (EMPS) 2024, which is set to expire in September. The second phase of FAME, launched in 2019, had an initial budget of Rs 10,000 crore for three years and was later extended to march 2024 with an additional Rs 1,500 crore.
The scheme's initial goals included supporting 1 million electric two-wheelers, 500,000 electric three-wheelers, 55,000 passenger cars, and 7,000 electric buses. Kumaraswamy noted that the new phase, FAME 3, is being designed to address shortcomings from previous phases, incorporating feedback from the Prime Minister’s office and other sources.
Regarding the timeline, Kumaraswamy indicated that FAME 3 should be cleared within the next month or two. He also mentioned that the proposal will be reviewed with all recent suggestions in mind before seeking Union cabinet approval.
On the issue of unsold inventory with automobile dealers, Kumaraswamy acknowledged receiving requests from the industry and assured that efforts are underway to support and strengthen the sector. He shared these updates during an Assocham event.
Union Heavy industries Minister H D Kumaraswamy announced on wednesday that the government is expected to finalize the third phase of its electric mobility adoption scheme, FAME, within the next one to two months. An inter-ministerial group is currently reviewing inputs for the scheme and addressing issues identified in the previous phases of the Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles (FAME) initiative.
FAME 3 will replace the temporary Electric Mobility Promotion Scheme (EMPS) 2024, which is set to expire in September. The second phase of FAME, launched in 2019, had an initial budget of Rs 10,000 crore for three years and was later extended to march 2024 with an additional Rs 1,500 crore.
The scheme's initial goals included supporting 1 million electric two-wheelers, 500,000 electric three-wheelers, 55,000 passenger cars, and 7,000 electric buses. Kumaraswamy noted that the new phase, FAME 3, is being designed to address shortcomings from previous phases, incorporating feedback from the Prime Minister’s office and other sources.
Regarding the timeline, Kumaraswamy indicated that FAME 3 should be cleared within the next month or two. He also mentioned that the proposal will be reviewed with all recent suggestions in mind before seeking Union cabinet approval.
On the issue of unsold inventory with automobile dealers, Kumaraswamy acknowledged receiving requests from the industry and assured that efforts are underway to support and strengthen the sector. He shared these updates during an Assocham event.