(LiveMint)
The Union government on Friday decided to extend the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) scheme by six months until 30 September 2018, or till the time the second phase of the scheme is approved by it. The department of heavy industries has already prepared a draft of the second phase of the scheme, which has been sent to the finance ministry for approval.
As the government intends to promote electric mobility in India, it is expected that the new version of the scheme will give exemptions and subsidies for manufacturing electric vehicle components and to buyers of electric vehicles (EVs) for commercial purposes like public transport.FAME, launched in fiscal 2015, was meant to run for two years until March 2017. Subsequently the scheme was extended twice till March 2018.
In December, the department of heavy industries in a bid to utilize the funds sanctioned under the FAME scheme and boost electric mobility across the country, launched a pilot project for funding electric vehicles in 11 cities for public transport purposes.
