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FAME-2 Scheme

  • Category
    Economy
  • 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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