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Get all the details about FAME III Subsidy, eligibility criteria, budget allocation, and more. Check this out if you are planning to buy any electric vehicle in future.
Key Highlights:
The FAME III subsidy details are expected to be announced by the new government in the main budget in July 2024. The interim budget has allocated Rs 2671.33 crore for FAME III, which is a 44% cut from the previous fiscal year's allocation. However, the industry anticipates that the government may increase this amount in the main budget. Additionally, there's an expectation that FAME III will support electric two, three, and four-wheelers with a proposed budget allocation of around Rs 10,000 crore.
With the newly formed union cabinet expected to continue subsidising electric vehicles through demand incentives, the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme is set for its third iteration in the upcoming Budget next month.
Background
Rumours of a FAME-III launch with a budget of INR 10,000 crore have been circulating since the beginning of the year. However, there has been speculation about whether the government would continue funding EV subsidies, especially after last year's FAME-II challenges.
Government Deliberations
A senior government official informed ET that the Ministry of Heavy Industries (MHI) has already sent the plan for the scheme to the Prime Minister’s Office (PMO) for review. The government is expected to make a final decision on the proposal closer to the union budget, considering the fiscal situation.
Scope of FAME-III
According to reports, the FAME-III scheme will support electric two-, three-, and four-wheelers. Earlier reports suggested that the new scheme would provide increased support for electric three-wheelers and public transportation, such as e-buses.
The previous iteration, FAME-II, launched in 2019 with a total outlay of INR 10,000 crore, ended in March. It aimed to support 10 lakh electric two-wheelers, 5 lakh electric three-wheelers, 7,000 electric buses, and 55,000 electric four-wheeler passenger cars through subsidies.
The specific documents required for the FAME III subsidy application have not been detailed yet, as the scheme is expected to be announced in the main budget in July 2024. These application may require:
Once the FAME III scheme is officially announced, the government will provide a list of required documents for applicants. It's advisable to keep an eye on official announcements for the most accurate information.
The exact steps to apply for the FAME III subsidy will be detailed once the scheme is officially announced in the main budget in July 2024. However, based on previous subsidy schemes, the general process may involve:
The penalties for false claims under the FAME III subsidy scheme have not been detailed yet, as the scheme is expected to be announced in the main budget in July 2024. Typically, government subsidy schemes have strict measures against fraudulent claims, which may include:
Once the FAME III scheme is officially announced, the government will provide clear guidelines on penalties for false claims. It's advisable to follow official announcements for accurate information on this matter. If you have any more questions or need further assistance, feel free to ask.
As the union budget approaches, the final decision on the FAME-III proposal will reflect the government's commitment to promoting electric vehicle adoption while considering the current fiscal situation. The scheme's potential impact on the EV market will be closely watched by industry stakeholders and environmental advocates alike.
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