However, the Ministry of Heavy Industries denied these reports. The government clarified on Thursday that the FAME-II scheme has not been extended beyond March 31, reported PTI citing officials. Subsidies under FAME-II will remain applicable to EVs sold until March 31, 2024, or until funds are exhausted, the ministry had announced last month.
As things stand now, the programme’s outlay has been increased from Rs 10,000 crore to Rs 11,500 crore. The government aims for 30 percent EV penetration in private cars, 7 percent in commercial vehicles, and 80 percent in two and three-wheelers by 2030.
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The revised outlay designates Rs 7,048 crore for electric two-wheelers, three-wheelers, and four-wheelers to receive subsidies. Additionally, Rs 4,048 crore is allocated for capital asset creation grants, while Rs 400 crore is set aside for other purposes.
In CY2023, electric vehicle (EV) sales in India surged by 48 percent compared to the previous year, with a total of 1,526,319 EVs registered across the country. This marked a significant increase from the 1,025,116 EVs registered in 2022. According to the Vahan Portal’s data, 72,321 electric four-wheelers were registered in CY2023, a notable increase from the 32,260 registrations recorded in 2022.
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