If you are also thinking of buying an Electric Vehicle recently. So do not delay this work at all, and buy your car before March 31. Because after March 31, the prices of electric vehicles are going to increase significantly. After this date, the government is going to stop the subsidy given under FAME-II scheme. Therefore, subsidy under FAME-II scheme will not be applicable on any electric vehicle sold after March 31. This clearly means that if you buy a car after this month, you will get the car at expensive prices.
What is FAME scheme?
Electric and hybrid vehicles will continue to get incentives under the FAME-India (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles-FAME-India) scheme for another six months or till the second phase of the scheme is launched by NITI Aayog, because its duration Has been extended till 31st March. Under this scheme, implemented from April 1, 2015, the target was to put 60-70 lakh hybrid and electrical vehicles on the roads across the country by the year 2022. Its main objective is to reduce pollution and reduce greenhouse gas emissions.
The scheme will continue till 31 March 2024
The Ministry of Heavy Industries had last month said that the subsidy under the second phase of the FAME scheme will be available for e-vehicles sold till March 31, 2024 or till the funds are available. The ministry said that the expenditure for the Accelerating Acceptance and Manufacturing of Electric Vehicles in India (FAME-2) program has been increased from Rs 10,000 crore to Rs 11,500 crore.
Subsidy is available on EV now
According to the revised expenditure, electric two-wheelers, electric three-wheelers and electric four-wheelers are eligible to avail subsidy of Rs 7,048 crore. Additionally, Rs 4,048 crore has been allocated as grants for creation of capital assets while Rs 400 crore has been kept under the 'other' category.
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