Fame 2 Incentives for Indian EVs

FAME 2 or the Faster Adoption and Manufacturing of Electric Vehicles in India, got the cabinet approval in February this year. The policy aims at promoting electric and hybrid vehicles in the country. The government is looking at encouraging the Indians to adopt electric vehicles to reduce overall levels of air pollution in India.

The government has also increased its total capital outlay to INR 10,000 crores from INR 895 crores allocated under the first phase. This budget will be spent over a period of three years from 2019-20 to 2021-22 and will be used to incentivize the buyers. These incentives will be applicable to vehicles used for public transport or registered for commercial purposes in the three- and four-wheeler segment. Private vehicles in the two-wheeler segment will also be incentivized. The government is planning to support 10 lakhs electric two-wheelers, 5 lakhs three-wheelers, 55,000 four-wheelers, and 7,000 electric buses in India through this initiative.

Here is a list of incentives to be provided to e-vehicles of leading EV automobile brands in India

Source: FAME India

India is expecting greater penetration of EVs on the back of a successful Fame 2 and various other initiatives taken by the government. It is estimated that the penetration of EV vehicles could reach around 80% in the case of two-wheelers and 30% for private cars by 2030, and result in cumulative savings of 846 million tonnes of CO2 over the total deployed vehicle’s lifetime.