The Ministry of Heavy Industries and Public Enterprises has rolled out an Rs 800 crore scheme called - FAME India (Faster Adoption and Manufacturing of Electric Vehicles).
This translates to the following - subsidies for the consumer to make EV's financially attractive, help to the struggling EV manufacturers, assistance in technology development, encouraging more players to manufacture and sell EV's and support in installing charging infrastructure.
This translates to the following - subsidies for the consumer to make EV's financially attractive, help to the struggling EV manufacturers, assistance in technology development, encouraging more players to manufacture and sell EV's and support in installing charging infrastructure.
Here are the quick facts about the scheme
- An approved outlay of Rs 795 crore ($125 million USD at current exchange rates) is allocated for the FAME scheme. Rs 260 crore will be spent in FY’16 and Rs 535 crore in FY’17.
- The fund allocation for 2015-16 is distributed in the following manner. Rs 70 crore for the technology platform including testing infrastructure, Rs 155 crore for demand incentives, Rs 10 crore for charging infrastructure, Rs 20 crore for pilot projects, and Rs 5 crore for IEC operations. More details on these are given below.
- FAME India will be implemented over a 6-year period till 2020, where they will hope to sell 6-7 million xEVs annually.
- Scheme is applicable to all major metro cities, all state capitals and other urban cities with 1 million population.