The government on Thursday (27 September) extended the first phase of FAME India (Faster Adoption and Manufacture of (Hybrid and) Electric Vehicles) Scheme for promoting electric and hybrid vehicles by another six months, till 31 March 2019, reported Economic Times.
The FAME India (Faster Adoption and Manufacture of (Hybrid and) Electric Vehicles) Scheme was launched by the Ministry of Heavy Industries and Public Enterprises in 2015 to encourage the production and promotion of electric and hybrid vehicles.
Incentives under the extended scheme from 1 October will be available only to registered vehicles, said a notification by the Heavy Industries Ministry.
However, vehicles powered by conventional batteries will be exempt from the scheme from 1 October. Until now, electric two and three-wheelers powered by traditional lead-acid batteries were eligible for incentives under FAME-I.
FAME II, which was due on 7 September, has been delayed as the Prime Minister's Office (PMO) has sought reworking of the proposal to offer incentives of around Rs 5,500 crore.
Reports suggest that the PMO is in favour of utilising most of the funds to encourage local manufacturing of lithium-ion batteries, as India presently imports these batteries from China.
"The FAME- I scheme is extended for a further period of six months up to 31 March, 2019 or till notification of FAME-II, whichever is earlier," the ministry said. It was extended thrice before.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.