Center considering extending subsidy on electric vehicles by one more year before elections

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The central government introduced FAME-1 (Faster Adoption and Manufacturing of Electric Vehicles) scheme in 2015 with the aim of making people adopt electric vehicles in the country, then in 2019, FAME-2 was announced by extending the duration of the scheme. However now the FAME-2 scheme will end in March-2024. After that, there is a possibility of extending the scheme for another year. A budget of Rs.10,000 crore was allocated in the budget for the current FEMA-II scheme. This scheme includes two-wheeler, three-wheeler, four-wheeler.

Demand to launch FEMA-3 scheme of FICCI

According to media reports, it is being speculated that other revisions may be made in the next budget after the finance ministry approves the extension of the FEMA scheme. Recently Federation of Indian Commerce and Industry (FICCI) sought to launch FAME-3 scheme. FICCI also submitted a proposal to the Ministry of Heavy Vehicle Industry for this. In the proposal, it is estimated that 30 thousand crore rupees will be required in the next 5 years.

Earlier in May, changes were made in the FEMA scheme

However, as per the logic of internal government officials, two-wheelers electric manufacturers do not need government help to push forward in order to maximize the benefits of the scheme. It may be mentioned that the Ministry of Heavy Vehicle Industries had changed the scheme in May, reducing the subsidy from Rs 15,000 per kilometer to Rs 10,000 per kilometer depending on battery capacity for electric two-wheelers. Earlier, the total subsidy was capped at 15 percent of the ex-factory price of E2W from 40 percent, with a maximum limit of Rs 1.50 lakh.

The government disbursed subsidy of Rs.5228 crore till December

On the other hand, the government is thinking that investment in the ecosystem should be considered to promote e-mobility. The government has paid a subsidy of Rs 5228 crore till 1st December-2023. Now it remains to be seen that after 8 years, the FAME subsidy scheme will end due to the increase in the prices of electric vehicles? The scheme has fueled the drive to buy EVs across the country, so if this issue is not ignored, the scheme is likely to be extended again.

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