The Business Bytes
THEBUSINESSBYTES BUREAU
NEW DELHI, JANUARY 2, 2025
In a significant push towards sustainable transportation, the Indian government announced that 16.15 lakh electric vehicles (EVs) have been incentivized under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India)-II scheme. The initiative, launched in 2019, underscores India’s commitment to eco-friendly mobility solutions and a greener future.
The incentivized vehicles include 14.27 lakh electric two-wheelers, 1.59 lakh three-wheelers, 22,548 four-wheelers, and 5,131 electric buses. The scheme has also bolstered EV infrastructure development, with 10,985 public charging stations sanctioned, of which 8,812 have been allocated for installation.
As of October 31, 2024, the government has spent ₹8,844 crore on the scheme, with ₹6,577 crore allocated as subsidies, ₹2,244 crore invested in capital assets, and ₹23 crore dedicated to other expenses, as per the Ministry of Heavy Industries.
The FAME initiative, first launched in 2015, transitioned to its second phase (FAME-II) in 2019 with an outlay of ₹11,500 crore. This phase focuses on incentivizing electric two-wheelers, three-wheelers, four-wheelers, buses, and public charging infrastructure.
The scheme’s phased manufacturing program and policy support—such as the reduction of GST on EVs and state-level EV policies—have propelled India’s journey towards sustainable mobility. As a result, 25,202 public EV charging stations have been installed nationwide, with Karnataka leading at 5,765 stations, followed by Maharashtra (3,728) and Uttar Pradesh (1,989).
