Published: 6th Jun, 2022
Context
Fame-2 incentive scheme for electric vehicles extended by two more years.
- Initially to be implemented over a period of three years from April 1, 2019, it will now be in force for up to March 31, 2024.
About
FAME SCHEME
- FAME India is a part of the National Electric Mobility Mission Plan. Main thrust of FAME is to encourage electric vehicles by providing subsidies.
- The FAME India Scheme is aimed at incentivizing all vehicle segments.
- Two phases of the scheme:
- Phase I: started in 2015 and was completed on 31st March 2019
- Phase II: started from April 2019, will be completed by 31st March 2022 (now extended to March 2024)
- The scheme covers Hybrid & Electric technologies like Mild Hybrid, Strong Hybrid, and Plug-in Hybrid & Battery Electric Vehicles.
- Monitoring Authority: Department of Heavy Industries, the Ministry of Heavy Industries and Public Enterprises.
- Fame India Scheme has four focus Areas:
- Technology development
- Demand Creation
- Pilot Projects
- Charging Infrastructure
Objectives of FAME Scheme:
- Encourage faster adoption of electric and hybrid vehicles by way of offering upfront Incentives on the purchase of Electric vehicles.
- Establish a necessary charging Infrastructure for electric vehicles.
- To address the issue of environmental pollution and fuel security.
What are the Benefits of Fame India Scheme?
Fame India scheme offers the following benefits:
- Issues related to environmental and fuel conservation will be significantly reduced.
- Vehicles from different segments will receive subsidy benefits accordingly.
- Citizens can avail themselves of eco-friendly public transportation.
- This scheme will allow individuals to reap the benefits of renewable energy sources through charging systems.
- The establishment of charging stations in close proximity further encourages individuals to opt for electric vehicles.
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