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The Electric Mobility Promotion Scheme 2024, that provides incentives to electric two-wheelers and three-wheelers, will be extended till FAME III is finalised, Union Minister HD Kumaraswamy said on Monday. Speaking at the sidelines of the annual session of Automotive Components Manufacturers Association (ACMA), Kumaraswamy, the Minister of Heavy Industries said it will take some more time to finalise the third phase of the 'Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle' (FAME) scheme. "It will be extended for another one or two months," he said when asked if the Electric Mobility Promotion Scheme (EMPS), which is coming to an end this month, would be extended.
Asking the industry not to panic, he said "it will be extended till the FAME-III is announced." The EMPS was launched in April and was extended till September 30. It was announced in March this year, to be applicable from April 1 to July 31, with an outlay of Rs 500 crore.
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Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program Under the scheme, a subsidy of up to Rs 10,000 per electric two-wheeler (e2W) and Rs 25,000 per electric three-wheeler (e3W) and up to Rs 50,000 on heavy e3Ws (autos and commercial units) are provided by the government. On FAME III, he said whatever the lacuna seen in FAME II are sought to be corrected and its being worked out internally. When asked how big would be the outlay for FAME III, Kumaraswamy said it will be announced in a "short period" without disclosing details.
He said the FAME III will see some modifications on FAME II, for which work is going on. Addressing the session, the minister said that the government will continue to provide necessary support to ensure that India remains a global leader in manufacturing and innovation. "Together we can build a future that not only strengthens our economy but also strengthens India's place as a global leader in mobility components and advanced technology," he added.
Speaking at the session, industry body CII President Sanjiv Puri stressed on the need for a collective effort between government, industry and academia for achieving the goal of Viksit Bharat by 2047 and to be globally competitive. The auto industry has a significant role to play in it, he said while drawing attention to the need for skilling of the workforce to prepare for future needs besides focusing on innovation and building a sustainable supply chain to overcome the impact of global disruptions. (You can now subscribe to our Economic Times WhatsApp channel ).
