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The government on Friday has extended the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME-II) scheme for two years to allow the electric vehicle (EV) industry more time to extend the benefits to customers.
“Now, with the approval of the competent authority, it is decided that FAME India Phase II scheme is extended for a period of two years (up to March 31, 2024),” a Gazette Notification said.
The phase-II scheme was implemented for three years from April 1, 2019, for faster adoption of electric mobility and development of its manufacturing eco-system in the country.
“Therefore, FAME India Phase II scheme notification dated March 8, 2019 stands amended accordingly,” the notification added.
Welcoming the step, Sohinder Gill, Director General, Society Of Manufacturers Of Electric Vehicles (SMEV) said, “This will allow the EV industry more time to extend the benefits to customers due to recent amendments and achieve the target under the scheme. In the last few months, we have seen many measures have been announced by Central and State governments, which have brought positive sentiments in the industry.”
He said the industry is prepared for a major transformation and will see EVs occupying major space in the county in the next five years.
Sulajja Firodia Motwani, Chairperson, Ficci Electric Vehicle Committee said, “Continuation of FAME II scheme will help the industry in capturing the deferred demand for EVs, with the support of the scheme. The demand for EV was severely affected due to pandemic and industry was really looking forward to the extension of FAME II scheme by few more years so that the amount allocated under the scheme could be deployed to accelerate demand for electric vehicles.”
Meanwhile, Hero Electric said it had slashed prices for its popular models by up to 33 per cent following enhanced subsidies under the scheme. The decrease in prices ranges from 12 per cent for single battery variants to 33 per cent for the triple battery Nyx HX model, Hero Electric said.
Under the new prices, the Photon HX model will be available at ₹71,449 as compared to ₹79,940 earlier. Similarly, the NYX HX (Triple Battery) will come at ₹85,136, down from ₹1,13,115 earlier. The Optima ER will now be available at ₹58,980 as compared to ₹78,640 before, the company said.
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