The third version of India’s popular EV subsidy program, which increased the country’s adoption of electric vehicles and made it the third-largest automotive market in the world, is probably going to be announced by mid-September
According to persons with knowledge of the situation who spoke with NDTV Profit, the government-backed initiative “Faster Adoption and Manufacturing of (Hybrid) Electric Vehicles in India” is about to return for a third time. They refrained from revealing the scheme’s entire cost.
It is reported that all parties involved, including the Finance Ministry, NITI Aayog, Union Ministry of Heavy Industries, and auto industry lobbyists, are essentially in agreement. Nevertheless, the aforementioned sources stated that there is still a significant backlog in the registration of electric cars and the distribution of incentives.
The entire cost of the five-year FAME-II program through Fiscal 2024 was Rs 11,500. The programme was extended for a further four months under the Electric Mobility Promotion Scheme 2024, following its expiration on March 31, 2024, at a cost of Rs 500 crore.
13,21,800 EVs have been subsidized overall under the FAME-II program in FY20–24.
