Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

FAME-III Scheme Introduced By The Government To Accelerate EV Growth

- Advertisement -

The following month’s budget is expected to allocate a substantial Rs 10,000 crore for the third iteration of the FAME scheme, which supports electric two-, three—, and four-wheelers.

In a recent update, the Prime Minister Narendra Modi-led government’s flagship electric vehicle incentive programme, Faster Adoption and Manufacturing of Electric Vehicles (FAME) enters its third edition with a substantial Rs 10,000 crore allocation. FAME-III extends financial incentives for the purchase of electric two, three, and four-wheelers.

Building upon the Electric Mobility Promotion Scheme (EMPS), introduced temporarily after the conclusion of FAME-II, which ended on March 31, FAME-III aims to sustain and amplify efforts to promote electric mobility. Notably, the new scheme introduces a two-year sales validity, departing from the previous five-year duration of FAME-II, marking a strategic shift in incentivizing electric vehicle adoption.

- Advertisement -

As FAME-III approaches, companies seeking incentives on EV sales will encounter a new requirement: undergoing a new certification process as the government prepares to establish updated guidelines. This shift will likely increase the number of subsidies for electric buses purchased by State Transport Undertakings (STUs). 

The current proposal suggests offering incentives for electric cars priced below Rs 15 lakh, mirroring the provisions of FAME-II. Hybrid vehicles also receive support, provided they meet the price cap, pending the potential inclusion of passenger cars in the scheme. 

According to a recent report by the Federation of Automobile Dealers Associations (FADA), electric three-wheeler (E3W) sales in India rose by 22.6 per cent in May 2024 compared to the same month last year, with a total of 54,729 units sold, up from 44,641 units in May 2023. 

Despite this increase, industry players note stagnant electric two- and three-wheeler sales, particularly after the government ended the FAME-II subsidy scheme in March. The automotive industry eagerly awaits the announcement of FAME-III, hoping new subsidies and incentives will boost EV sales and market share. 

In March, the government introduced the Rs 500 crore Electric Mobility Promotion Scheme (EMPS) 2024 to subsidise two- and three-wheelers. The Ministry of Heavy Industries states that the EMPS scheme aims to enhance green mobility and the EV manufacturing ecosystem by providing incentives up to Rs 10,000 per electric two-wheeler and up to Rs 50,000 per electric three-wheeler. 

However, these subsidies are less than half of those offered under FAME-II. The EMPS scheme supports only companies with established local manufacturing capacities in India and vehicles with advanced batteries to prevent accidents.

- Advertisement -

Most Popular Articles

Delhi Extends EV Policy To Combat Pollution, Boost Adoption

0
As Delhi chokes with its repeated hazardous AQI, Delhi extends its EV policy until March 2025 to boost electric vehicle adoption while a new...

INOXAP, ReNew Partner For Eco-Friendly Solar Cell Manufacturing

0
Boosting eco-friendly production of solar PV cells, INOXAP kicks off industrial gas supply for ReNew’s solar plant in Gujarat, claiming to drive India’s clean...

Germany Plans $2 Billion Boost For Semiconductor Industry

0
Attempting to reduce reliance on Asian suppliers under the European Chips Act, Germany might invest $2.11 billion in advanced chip factories to ensure Europe's...

Element14 Expands Sensor Portfolio With Roxspur Range From TT Electronics

0
This expansion, featuring technologies for aerospace, defense, and industrial sectors, offers customers a comprehensive selection of reliable solutions for demanding applications. element14, has announced the...

ESA Funds €34.6M For Open Cosmos’ Satellite Mission

0
Launching three satellites to study Earth's magnetic field and ionosphere, starting in 2026, the European Space Agency has sanctioned €34.6 million to Open Cosmos-led...
Andy C Mackie, Principal Engineer - Advanced Materials, Indium Corporation

“Our Multi-Alloy System Enables Solder Joints To Form At Lower Processing Temperatures Without Sacrificing...

0
Liquid metal-based thermal solutions offer efficient cooling but face challenges like spillage and reliable thermal resistance in ultra-thin layers. Akanksha Sondhi Gaur and Nijhum...
S.K. Yadav of RIGOL Technologies

“Our India Business Is $2 Million, With A Goal To Reach $6 Million” –...

0
In a chat with EFY’s Nitisha, S.K. Yadav of RIGOL Technologies highlights the company’s journey in India, shedding light on its growth prospects and...
Bejoy George, Managing Director- Chipmax Designs Private Limited,

“We Are Advancing R&D Projects To Develop Modular Assembly Lines With Adaptive Robotics” –...

0
How do you envision technological progressions influencing the future of manufacturing operations? Get informed from Electronics for You’s Akanksha while in dialogue with Bejoy...
Srinivas Parikshith, Co-founder of Auckam Technologies

“We Anticipate Turnover Reaching 40 Million Rupees Next Year With The New Product Line”...

0
Discussing the electronics manufacturing sector, Srinivas Parikshith, Co-founder of Auckam Technologies, talked to EFY’s Nitisha Dubey about their expansion plans to set up a...

“We Bring Intelligence Early On Into The Design Cycle” – Michel Van Cotthem VP...

0
With a solution embedding intelligence early in the design-to-source lifecycle, Supplyframe aims to leverage India’s electronics manufacturing boom. At IEW 2024, Michel Van Cotthem...

HKTDC Electronics Fair Sparks Innovation, 60,000+ Participants!

0
Showcasing cutting-edge tech, global innovation, and booming markets for the future of electronics, HKTDC’s Hong Kong Electronics Fair and electronicAsia drew 60,000+ professionals. Last month,...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

Industry's Buzz

Delhi Extends EV Policy To Combat Pollution, Boost Adoption

0
As Delhi chokes with its repeated hazardous AQI, Delhi extends its EV policy until March 2025 to boost electric vehicle adoption while a new...

INOXAP, ReNew Partner For Eco-Friendly Solar Cell Manufacturing

0
Boosting eco-friendly production of solar PV cells, INOXAP kicks off industrial gas supply for ReNew’s solar plant in Gujarat, claiming to drive India’s clean...

Germany Plans $2 Billion Boost For Semiconductor Industry

0
Attempting to reduce reliance on Asian suppliers under the European Chips Act, Germany might invest $2.11 billion in advanced chip factories to ensure Europe's...

Element14 Expands Sensor Portfolio With Roxspur Range From TT Electronics

0
This expansion, featuring technologies for aerospace, defense, and industrial sectors, offers customers a comprehensive selection of reliable solutions for demanding applications. element14, has announced the...

ESA Funds €34.6M For Open Cosmos’ Satellite Mission

0
Launching three satellites to study Earth's magnetic field and ionosphere, starting in 2026, the European Space Agency has sanctioned €34.6 million to Open Cosmos-led...

Learn From Leaders

Andy C Mackie, Principal Engineer - Advanced Materials, Indium Corporation

“Our Multi-Alloy System Enables Solder Joints To Form At Lower Processing Temperatures Without Sacrificing...

0
Liquid metal-based thermal solutions offer efficient cooling but face challenges like spillage and reliable thermal resistance in ultra-thin layers. Akanksha Sondhi Gaur and Nijhum...
S.K. Yadav of RIGOL Technologies

“Our India Business Is $2 Million, With A Goal To Reach $6 Million” –...

0
In a chat with EFY’s Nitisha, S.K. Yadav of RIGOL Technologies highlights the company’s journey in India, shedding light on its growth prospects and...
Bejoy George, Managing Director- Chipmax Designs Private Limited,

“We Are Advancing R&D Projects To Develop Modular Assembly Lines With Adaptive Robotics” –...

0
How do you envision technological progressions influencing the future of manufacturing operations? Get informed from Electronics for You’s Akanksha while in dialogue with Bejoy...
Srinivas Parikshith, Co-founder of Auckam Technologies

“We Anticipate Turnover Reaching 40 Million Rupees Next Year With The New Product Line”...

0
Discussing the electronics manufacturing sector, Srinivas Parikshith, Co-founder of Auckam Technologies, talked to EFY’s Nitisha Dubey about their expansion plans to set up a...

“We Bring Intelligence Early On Into The Design Cycle” – Michel Van Cotthem VP...

0
With a solution embedding intelligence early in the design-to-source lifecycle, Supplyframe aims to leverage India’s electronics manufacturing boom. At IEW 2024, Michel Van Cotthem...

Startups

HKTDC Electronics Fair Sparks Innovation, 60,000+ Participants!

0
Showcasing cutting-edge tech, global innovation, and booming markets for the future of electronics, HKTDC’s Hong Kong Electronics Fair and electronicAsia drew 60,000+ professionals. Last month,...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...