Cabinet likely to clear Rs 10,000 cr FAME II scheme for electric and Hybrid vehicles


Cabinet likely to clear Rs 10,000 cr FAME II scheme for electric and Hybrid vehicles

The Union Cabinet is likely to clear on Thursday a Rs 10,000-crore programme under the FAME-II scheme for promotion of electric and hybrid vehicles, according to official sources.

The much-delayed FAME-II will be for a period of three years instead of five years as envisaged earlier, and for passenger electric cars, the subsidy will be available only for taxi aggregators. The Rs 10,000 crore support will be used for subsidies on electric busses, passenger cars to be used by taxi aggregators, three-wheelers and two-wheelers, a source said.

“Under the phase two of the scheme, 7,000 electric buses of prices up to Rs 50 lakh or 40 per cent of cost, but only on the basis of operational expenditure (opex) and not capital expenditure (capex) model, will get subsidy” the source said. Read More

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