To encourage the purchase of EV vehicles, the central government had given huge discounts to consumers. Now, reports are coming out that the central government is about to introduce the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. It is expected that women will benefit more from this scheme.
The central government introduced the FAME II subsidy scheme in April 2019. As part of this scheme, subsidies are given to consumers who purchase two-wheelers, three-wheelers and four-wheelers. But the FAME II scheme is going to end on March 31, 2024. In continuation of this, the Center is planning to bring the FAME III scheme in the next financial year. 26,400 crores has been proposed by the Union Department of Heavy Industries for the project, which is likely to come into existence in the financial year 2024-25.
4,100 crore for electric three-wheelers, 1,800 crore for four-wheelers and 9,600 crore for electric buses. This time, electric tractors and hybrid vehicles may be included for the first time under Fame III scheme. The government has decided to give 10 percent subsidy to electric vehicles registered in the name of women under the scheme.
The Center is looking to allocate funds for technology development and trial run work in this scheme along with subsidies for purchase of electric vehicles. Reports suggest that if the scheme becomes effective, more women will own EVs, thereby increasing sales of EVs.
Content Highlights: FAME 3 Subsidy Announced For Electric Vehicles More Discounts for womens
