India may give Rs 50,000 Crore subsidies for EVs under FAME-lll

The union minister has  their final draft of the third phase of FAME or Faster Adoption and Manufacturing of electric vehicles scheme. The government is planning a Rs 40,000 to Rs 50,000 subsidy under the FAME-lll scheme. 

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Another source said that the government is likely to extend their subsidy for electric trucks, bicycles and quadricycles with electric two wheelers, three wheelers and four wheelers also. And the government will offer subsidies for electric buses and charging infrastructure. 

The first FAME scheme was launched in 2015. It was two phases. The first one started around Rs 800 Crore but it was increased by Rs 100 Crore. The total amount was Rs 900 Crore. And the 2nd one had Rs 10,000. Over 8.7 lakh electric vehicles subsidy was allocated for the four years. 

But under the FAME-lll scheme, the government has announced over 28.3 lakh electric vehicles subsidy for four years.

To make the country a net zero emission, the government is strongly working on it. Already the government has announced a net zero emission country by 2070. 

Read more:Hyundai set to launch five electric car by 2032

For that reason, the government is also working on the PLI scheme. So that lots more electric vehicles startup and companies will invest and expand their manufacturing in India. 

Article source: CNBC -TV18

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