Fame 2 Subsidy Scheme Extended Till 31st March || Check Features, Eligibility, Objective, Benefits, & many more !!

Fame 2 Subsidy Scheme Extended Till 31st March : To promote the EV industry, the central and state governments are providing various incentives and subsidies so that people are more attracted to electric vehicles. The government is making every possible effort to reduce the need for petrol and diesel and promote the EV industry. It is important to mention here that the government has ended Fame 2 Subsidy Scheme on EVs, but according to the new policy, the government is trying to keep three times more money for Fame 3 than before.

After Fame 2 Subsidy Scheme, now the government has also approved the FAME 3 Subsidy 2024. More electric vehicles are expected to come under this new subsidy. Under this Fame India Scheme 2024 subsidy, there is a proposal to give subsidies on electric trucks and tractors. Apart from this, there is also a proposal to give an additional ten percent subsidy on electric vehicles purchased in the name of women in the draft FAME 3 policy.

Fame 2 Subsidy Scheme Extended Till 31st March

According to a unique report by CNBC Awaaz, this time the government has decided to spend three times more money on FAME 3 as compared to Fame 2 Subsidy Scheme. Apart from this, there is a proposal of Rs 33,240 crore in the new policy. The government had allocated a fund of Rs 10,000 crore in FAME 2.

Revamped subsidy scheme of ‘faster adoption and manufacturing of electric vehicles’ or FAME 3. 0 may be in the works and could include light commercial vehicles as well as funding for research on developing homegrown solutions for the sector.
The government is, however, only stating that the proposal from industry bodies is being looked at.

The Centre has said subsidies under the second phase of FAME Scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are made available.

How much Fame India Subsidy 2024 you will get?

As per the draft policy, it is planned that a subsidy will be provided to 40 lakh electric buses for cities, intra-city, and metro feeders. A subsidy of Rs 15,000 per kilowatt or 20 percent of the vehicle cost will be given for e-trucks. The level of subsidy will remain the same for this period. The subsidy for e-tractors will be Rs 15,000 per kW or 30 percent of the vehicle cost.

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What is the fame policy of the Indian government ?

FAME India, short for Faster Adoption and Manufacturing of Electric Vehicles in India, was introduced in the Union Budget 2015–16 to promote the development of electric vehicles. It is part of the National Electric Mobility Mission Plan (NEMMP) – 2020 of the Government of India. Phase 1 of FAME India begun on 1 April 2015 and ran till 31 March 2019, with an investment of Rs. The budget was Rs 895 crore. FAME 2 Subsidy Scheme , i.e. the second phase, begun in April 2019 and will continue till March 31, 2024, with an investment of Rs. The budget of Fame 2 Subsidy Scheme is Rs 10,000 crore.

The objective of this scheme is to provide a huge amount of money for the purchase of electric vehicles. This amount is available for electric 2-wheelers, electric 3-wheelers, electric 4-wheelers, electric buses and charging stations. The plan focuses on four main areas: technological development, mass production, pilot schemes, and the creation of charging infrastructure.

FAME 2 Subsidy Scheme Objectives

1. Accelerating the adoption of electric vehicles by reducing initial investment.
2. To motivate electric vehicle manufacturers, suppliers, and related providers to produce electric automobiles in greater numbers in the country.
3. To reduce the country’s vehicle emissions and reduce air pollution levels.
4. To develop electric charging infrastructure across the country.
5. Converting 30% of total transportation to electric vehicles by 2030.

Features of Fame India Subsidy Scheme

Features of Phase I of Famous India Scheme

• The concerned authorities implemented the first phase by concentrating on four key areas. These are
  • (a) Demand Generation,
  • (b) Technology Platform,
  • (c) Pilot Project and
  • (d) Charging Infrastructure.
• The Government installed 427 charging stations during Phase I.
• The Government allotted ₹ 895 crores to cover the operations of Phase I. Here, almost 2.8 lakh electric vehicles were supported with an amount of ₹ 359 crores.

Features of Fame 2 Subsidy Scheme

• The Fame 2 Subsidy Scheme emphasizes on electrification of public transportation and shared transportation.
• This phase gets budgetary support of ₹ 10,000 crores.
• Through this scheme, the concerned department aims to provide incentives to various categories of vehicles. These are
• Electric two-wheelers: 10 lakh registered electric two-wheelers will get an incentive of ₹ 20,000 each.
• Electric Four-wheelers: 35,000 electric 4-wheelers with ex-factory price of ₹ 15 lakh will get an incentive of ₹ 1.5 lakh each.
• Hybrid Four-wheelers: Through this scheme, the Government will provide ₹ 13,000 – ₹ 20,000 as an incentive to hybrid 4-wheelers with ex-factory price of ₹ 15 lakh.
• e-rickshaws: 5 lakh e-rickshaws (each) can avail ₹50,000 as incentives.
• e-buses: Almost 8000 e-buses with a maximum ex-factory price of ₹ 2 crores will receive an incentive of ₹ 50 lakh each.

Under the Fame 2 Subsidy Scheme, the Government is optimistic of establishing 2700 charging stations in metros, smart cities, hilly states, million-plus cities across the country. The grid measurement will follow a 3 km x 3 km layout.
The Government aims to cover highways as well and install charging stations on both sides of the road with a gap of 25 km between two consecutive stations.

Budget for FAME 1 and Fame 2 Subsidy Scheme

According to officials aware of the development, the ministry said in the context of this development that major electric two-wheeler manufacturers (the biggest beneficiaries of the FAME I and II schemes) do not require further government support.

The Ministry of Heavy Industries has proposed to extend the new subsidy on EVs, which suggests allocating more funds and extending the boost for another five years, to enable the adoption of electric and alternative fuel vehicles. Sales should get a further boost. The Center had allocated ₹895 crore for FAME I, which was from 2015 to 2019. This allocation was increased to ₹10,000 crore during 2019–24 for FAME II.

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Fame 1 and Fame 2 Subsidy Scheme

• The Ministry of Heavy Industries is in discussion with the Finance Ministry and the final decision on the submitted proposal will be taken keeping in mind the status of entry of electric vehicles, and the availability of necessary support and funds.
• As of August 1, more than 753,000 electric two-wheelers (e2Ws) have been assisted by FAME II. The scheme aims to support the electrification of public and shared transport, subsidizing 7,090 e-buses, 500,000 electric three-wheelers, 55,000 electric four-wheeler passenger cars, and 1 million e-2Ws. Of these, only the sales of buses and two-wheelers have come close to the plan’s target.
• FAME II also came under scrutiny after several electric two-wheeler companies did not comply with localization conditions. Following a government investigation, seven electric vehicle companies were kicked out of the program, beginning the process of reclaiming the grants they wrongly sought.
• The FAME I allocation supported a total of 278,000 electric vehicles with a total demand incentive of approximately ₹343 crore. Apart from this, 465 buses were sanctioned for different states under this scheme.

Fame India Scheme 2024 Eligibility

The benefits of Fame India scheme is available for the following individuals :-

• Electric vehicles manufacturing.
• Electric vehicles infrastructure providers.

How to avail benefits under Fame India Scheme 2024 ?

• Visit the official website of the Division of Heavy Industries, Ministry of Heavy Industries, and Public enterprises.
• Click on Fame India Phase II option.
• After that an application form will appear on your screen.
• Fill up that form with pertinent information and follow the instructions to complete the procedure.

NOTE : Applicants must follow the instructions given by the concerned department. Moreover, they must remember, there is no other way of applying for the Fame India Scheme.

Now that you know every detail of Fame India Scheme, you can opt for electric vehicles to ensure a greener and cleaner future for yourself and forthcoming generations.

Achievements of FAME India Scheme

FAQ’s : FAME India Scheme