FAME-3 to be rolled out in two months

By Staff Report September 5, 2024 6:02 pm

FAME-3 scheme will replace EMPS or Electric Mobility Promotion Scheme 2024 which is set to expire at the end of September.

The EV sale has come to a stalemate if compared with the last year, which has raised severe concerns for the manufacturing industry. To accelerate the adoption, the Government has announced that FAME -3 or the third phase of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme will be rolled out within two months. The decision is part of the government’s initiative to boost EV adoption across the country.

Speaking at the National Conference on Electric Mobility organised by ASSOCHAM, Union Minister for Heavy Industries- HD Kumaraswamy said, “The third iteration of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme will be rolled out within two months. We are taking a comprehensive approach to boost EV ecosystem and I call upon all stakeholders to join hands towards making India a global leader in electric mobility and towards our vision of a ‘Viksit Bharat’.”

The FAME-3 scheme will replace EMPS or Electric Mobility Promotion Scheme 2024. It will expire at the end of the current month-September. It was initially planned for a temporary 4-month period and later extended for another 2 months. This was primarily done to continue giving additional incentives to electric two- and three-wheeler players and there was an outlay of about Rs 1500 crore.

The EMPS 2024 scheme gained prominence following the expiration of FAME 2 in March this year. FAME 2 was initially launched in 2019 with a three-year term ending in 2022, but it was extended until March 2024. The two-year extension also came with an additional allocation of Rs 1,500 crore. The original outlay for FAME 2 in 2019 was Rs 10,000 crore, aimed at supporting 10 lakh electric two-wheelers, 5 lakh electric three-wheelers, 55,000 passenger cars, and 7,000 electric buses.