Big push to EV: Govt approves Rs 10,000 crore FAME II scheme
The FAME-II will support 10 lakh two-wheelers, 5 lakh three-wheeler, 55000 four wheeler and 7000 buses.
New Delhi: The Union Cabinet has approved the proposal for implementation of second phase of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) in India, finance minister Arun Jaitely said on Thursday.
With an outlay of Rs 10,000 crore, the scheme will come into effect from 1st April 2019 for a period of three years. This scheme is the expanded version of the present FAME-I scheme which was launched on 1st April 2015, with a total outlay of Rs 895 crore.