- Likely to be announced in the next two months
- Electric Mobility Promotion Scheme currently valid till September end
- Electric two-wheelers, three-wheelers, and buses to benefit from FAME 3
It seems that the FAME 3 scheme could come to fruition. Union Minister of Heavy Industries, HD Kumaraswamy revealed the same at the National Conference on Electric Mobility organised by ASSOCHAM.
The MHI could introduce FAME 3 in the next couple of months. As of now, customers are benefitting from the Electric Mobility Promotion Scheme which is valid till September end. In the EMPS, the government is offering a Rs. 10,000 subsidy on the ex-showroom price of certain models. For reference, premium electric scooters like Ather 450X, Ather Rizta, Ola S1 Pro, TVS iQube, Bajaj Chetak, and the Vida V1 Pro are eligible for the aforementioned discount.
Before the EMPS, the Indian electric vehicle market benefitted from the FAME 2 scheme. It was available till 31 March 2024 and comprised a budget of Rs. 11,500 crore. However, unlike FAME 2, FAME 3 is likely to cater to two-wheelers, three-wheelers, and buses only.
