PM Modi to launch FAME India Phase II on September 7 (File Photo)
Prime Minister Narendra Modi is set to launch the second phase of the FAME India scheme on September 7 that offers incentives for buying electric vehicles in bulk with an outlay of Rs 5,500 crore, officials said. An inter-ministerial panel finalised the modalities of the scheme and it is expected to be placed before the Union Cabinet for approval and PM Modi would launch the scheme at the opening session of the ‘MOVE’ – a global summit – that is scheduled for September 7-8, in the presence of many CEOs from the automobile sector, news agency PTI said.
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Earlier in April, the government had extended the FAME India Phase 1 scheme by six months or till its second phase is approved.
The FAME India Phase 2, spanning five years will offer incentives to all-electric vehicles, including four-wheelers, three-wheelers, taxis, electric buses and two-wheelers to promote pollution less, green environment, officials said.
Under the scheme, battery operated scooters and other two-wheelers will get incentives ranging from Rs 1,800 to Rs 29,000, while three-wheelers will get in between Rs 3,300 depending on the technology.
Manufacturers can claim the incentive from the government at the end of each month.
The government had launched the FAME India Scheme in 2015 with an aim to promote eco-friendly vehicles.