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In the Interim budget of this year, finance minister has allocated Rs 2671.33 crore for FAME III scheme but details of it is likely to be announced by the new government in the main budget in July 2024. It is almost 44% cut from the allocation of FY 2023-24, but Industry expects government will hike this amount in the main budget.
The order, valued at Rs 102 crore, comes from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs - Overdrive
Subsidies for electric two, three, and four wheelers has been revised to Rs 7, 048 crore, of which Rs 5,311 crore is for electric two-wheelers. An allocation of Rs 4,048 crore has been made for purchasing electric buses and setting up electric vehicle (EV) charging stations.
The government has decided to slash electric two-wheeler subsidy under FAME-II scheme from the current 40 per cent to 20 per cent from 1 June, 2023. - Overdrive
EV sales in India rose 153% in FY23 from the previous year to 1.15 million units, surpassing the cumulative 1.09 million sales until the previous year