The atmosphere of uncertainty created by the passing of the central government’s Fame Two project, which is due to expire on March 31, 2024, has finally ended. According to an all-India media report, the Government of India is going to extend the Faster Adoption and Manufacturing Electric Vehicles or Fame-II scheme till July 31, 2024 i.e. by another four months. It is said that this step is done after looking into the interests of both buyers and sellers of electric vehicles.
The Fame-II project has been extended by another four months
An additional Tk 500 crore subsidy has been allocated for electric two and three wheelers by extending the subsidy period. This will give EV makers a few more months of relief. At the same time, sales will not be affected. Please note that under the FEM-2 scheme, the subsidy is added to the ex-showroom price of the vehicle. So that manufacturers can sell at lower prices by getting incentives.
The report mentions the delay in launching the central FEM-3 project, due to the upcoming Lok Sabha polls. FEM-3 will be brought on the basis of FEM-2 project. That is, it is clear that the Center will provide support in increasing the use of electric vehicles.
Let us know that various electric two wheeler manufacturers are offering discounts throughout the month of March. The list includes leading companies like Ola Electric and Bounce Infinity. Another purpose of discounting is to clear stock. Incidentally, in 2019, the Center brought the FEM-2 scheme with the budget. At that time, 10,000 crore rupees were allocated for three years to promote electric vehicles.
