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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.
India's electric two-wheeler market has seen a significant sales increase in Q3 FY 24 compared to Q2 FY 24, indicating robust growth. There was also a year-on-year growth in Q3 FY 24 compared to Q3 FY 23. The ongoing Q4 FY 24 has already recorded impressive sales figures. The President highlighted the exponential growth of electric vehicle sales in recent years. Stakeholders anticipate potential policy developments in the upcoming budget, including the introduction of FAME III. Industry leaders are optimistic that FAME III will foster a conducive environment, incentivize manufacturers, and boo...
According to officials, the government is of the view that the EV market has reached a point of maturity. Besides, support is also being offered under performance-linked incentives for battery, and auto component manufacturing.