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Fame-II Scheme: Rs 500 crore subsidy before Lok Sabha polls? Center clarified

A report by an all-India news agency yesterday left India’s electric vehicle market reeling. Seeing that, the mood of everyone from the buyer to the seller became calm. But at night, the center itself was blocked by that excitement.

Fame-II subsidy scheme deadline is not extended

The uncertainty created by the expiry of the central government’s FEM subsidy on March 31, 2024. A report claimed that before the Lok Sabha polls, the Modi government is extending the second phase of the Faster Adoption and Manufacturing of Electric Vehicles or Fame-II project to July 31 i.e. by another four months. But a central government source denied it as soon as the news reached the ears.

The Union Ministry of Heavy Industries has clarified that the duration of FEM-II project is not being extended beyond March 31. Even yesterday it was said that an additional 500 crore rupees has been allocated for that project. But the government has not informed that news. It is to be noted that the Ministry of Heavy Industries said last month that this subsidy will continue till March 31, 2024 or until funds are available. Besides, the budget was increased from 10,000 crores to 11,500 crores.

The government announced in a statement that the budget and time frame of FEM-II project to increase sales of electric vehicles in India is fixed. But after increasing the budget, the amount of subsidy on electric two-wheelers, three-wheelers and four-wheelers stands at 7,047 crores. Out of this, 4,048 crores have been allocated for raising capital assets and 400 crores for other departments.

Team NaxonTech
Team NaxonTech
We believe in the power of storytelling to inform, inspire, and transform perspectives. My journey as a content writer began with a fascination for technology, and I have since diversified my skills to cover a wide array of topics. With a keen eye for detail and a commitment to excellence, I strive to deliver content that not only meets but exceeds expectations.
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