Reportedly, the central government has drafted an initial blueprint for the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme.
FAME III envisions a budget ranging from Rs 400 billion to Rs 500 billion, estimated after consultations with industry and inter-ministerial dialogues. The government is working on both demand and supply incentives for EVs, encompassing multiple models to support the EV sector over a period of five years. The plan extends support to electric trucks, cycles, and quadracycles, augmenting existing assistance for electric cars, buses, three-wheelers, and two-wheelers. Notably, significant funds are reserved for electric buses. Further, the central government is working on a production linked incentive scheme for EV battery components.