2019-03-04
Cabinet clears Rs 10,000 crore FAME II scheme

The Union Cabinet has cleared a Rs 10,000-crore programme under the FAME-II scheme for promotion of electric and hybrid vehicles, Finance Minister Arun Jaitley said Thursday.

The Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) scheme with an outlay of Rs 10,000 crore over a period of three years will be implemented with effect from April 1, 2019.

The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentive on purchase of electric vehicles and also by way of establishing necessary charging infrastructure for EV, Jaitley told reporters here.

Source- The Economic Times