Govt Incentives For Buying Electric Vehicles Will Stop After March 31, 2024


Mohul Ghosh

Mohul Ghosh

Feb 11, 2024


The Heavy Industries Ministry has expanded financial support for the second phase of the Faster EV Adoption program by ₹1,500 crore taking the overall allocation to ₹11,500 crore until the current phase ends March 2024. Nearly ₹5,800 crore has been disbursed already on over 13 lakh EV sales so far as uptake accelerates.

This means, that the Govt subsidies for buying electric cars, electric two and three wheelers will stop after March 31, 2024. In case the allocated funds under FAME 2 scheme finishes before March 31, then also the subsidies will stop.

Govt Incentives For Buying Electric Vehicles Will Stop After March 31, 2024

In the recent budget, ₹2,670 crore got earmarked as well for 2024-25 indicating likely extension of FAME II benefits supporting India’s electric mobility shift – a key decarbonization goal that consumer incentives are catalyzing.

13.41 Lakh EVs Subsidized So Far

Official data showed that until January 2023, FAME II released ₹5,790 crore sponsoring 11.9 lakh electric two wheelers, 1.4 lakh three wheelers and 17,000 electric cars under the program launched originally in 2019 with ₹10,000 crore corpus for 3 years.

A portion also went towards securing 6,800 electric buses for intra-city operations and 7,400 EV charging stations installation indicating rounded ecosystem support for next-gen mobility transition through progressive policy pushes.


Mohul Ghosh
Mohul Ghosh
  • 601 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online