The government is helping people buy electric vehicles until March 31, 2024, or until they run out of money.
They announced this on Friday. The Ministry of Heavy Industries said the FAME-2 program to encourage electric vehicles got more money—Rs 11,500 crore instead of Rs 10,000 crore.
They said the second phase of the ‘Faster Adoption and Manufacturing of Electric Vehicles in India’ (FAME) scheme had limited funds and time.
So, the subsidy to promote electric 2-wheelers, 3-wheelers, and 4-wheelers will last until March 31, 2024, or until the money runs out.
Under the new plan, electric 2-wheelers, 3-wheelers, and 4-wheelers can get a subsidy of Rs 7,048 crore. Another Rs 4,048 crore is set aside for investments. And Rs 400 crore is for other things.
India is working hard to get people interested in electric vehicles. Even in this year’s budget, Finance Minister Nirmala Sitharaman talked about improving charging stations.
Companies like Tata Motors, Mahindra, and MG Motor are selling electric cars well. And electric scooters from companies like Ola Electric, TVS, Bajaj, and Ather are also popular.
