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Ministry of Heavy Industries, India is implementing an ambitious Scheme under Phase II for Faster Adoption of Manufacturing of Hybrid and Electric vehicles in India known as FAME with a total outlay of Rs 10’000 crores.
The objective of this scheme is to support and expand manufacturing, sales and use of EVs and Hybrid vehicles in India for public as well as private transportation in addition to creating a robust infrastructure of charging stations across India.
Under this scheme, upfront reductions in the purchase price of the EVs are provided as an incentive to lure the buyers into adopting of this emerging technology. Besides the Government is also providing Production Linked Incentives to automotive OEMs with a budgetary outlay of almost Rs: 26’000 crores to support domestic manufacturing and distribution of EVs.
With a view to boosting manufacturing and sales of EVs, the Government has reduced GST from 12% to 5% on EVs
All of these initiatives lead to the objective of Net Zero emissions.
