PTI
Industry body FICCI on Monday said it has submitted its proposal to the Ministry of Heavy Industries for the continuation of the FAME scheme for the next five years, with a review at the end of three years.
The time period for the current FAME II scheme is till March 2024. Sudden withdrawal or discontinuation of upfront price incentives will lead to up to 25 per cent price increase of EVs and this may derail EV adoption momentum substantially, also impacting further investments in the EV sector, and disrupting gains made so far, noted FICCI.
Purchase incentives on EV vehicles are being continued in markets like Canada, the US, Korea, etc. to achieve their electrification ambitions and India cannot be left behind and miss the EV bus, it argued.
