FAME 2 scheme saved more than 26 million litres of fuel

It also resulted in the reduction of 37,718,893 kgs of carbon dioxide.

By Amit Vijay M and Radhika Dave calendar 06 Oct 2023 Views icon3616 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
FAME 2 scheme saved more than 26 million litres of fuel

The Ministry of Heavy Industries has taken several initiatives for sustainable development and carbon emission control. Promoting EVs, reducing carbon emissions and aligning with the country's commitment to achieve net zero emissions.

Under the FAME India Scheme II, about 1,016,598 electric vehicles have been supported by way of demand incentive amounting to about Rs 4,807 crores, resulting in saving about 26,041,426 litres of fuel and reduction of about 37,718,893 Kg of CO2, according to a PIB release. It further noted that the sale of EVs negligible in 2014, has reached around 5 percent of the total vehicle sales.

MHI increased the FAME-2 subsidy budget for electric two-wheelers from Rs 2898 crore to Rs 5,172 crore in FY 22-23, resulting in approximately 710,000 electric two-wheelers receiving FAME-2 subsidies by the end of 2022. 

The FAME 2 scheme was approved with an outlay of Rs 10,000 crore for a three-year term starting April 1, 2019.

The total subsidy provisioned during the launch was Rs 10,000 per kWh. However, due to low demand for electric two-wheelers during COVID-19, the subsidy was increased to Rs 15,000 per kWh.

This was rolled back to Rs 10,000 per kWh in June 2023, with the caveat that the maximum subsidy cap was reduced from 40 percent to 15 percent for vehicles up to Rs 1,50,000 as the maximum ceiling price for the vehicle.

According to industry players, India will need incentives of at least Rs 1.65 lakh crore over the next seven years to meet its 2030 target.

Altair added to S&P MidCap 400 by S&P Dow Jones Indices

auther Autocar Pro News Desk calendar22 Jun 2024

The S&P 400 serves as a benchmark for mid-sized companies in the US

Ola Electric offers benefits of up to Rs 15,000 on S1 scooter portfolio

auther Autocar Pro News Desk calendar22 Jun 2024

Ola S1 X+ now starts at Rs 89,999; till stocks last.

Reise Moto forays into brick-and-mortar format by opening flagship gear store

auther Autocar Pro News Desk calendar22 Jun 2024

Reise says it plans to open two more outlets this year in Delhi and Bengaluru.