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FAME slows down, auto PLI in fast lane
Mint Mumbai
|February 02, 2024
The government slashed the allocation for FAME, its umbrella scheme for a switch of electric mobility, by 44% for FY25 even as it hiked the corpus for the production-linked incentive scheme for autos by over seven times.
The scheme for faster adoption and manufacturing of (hybrid and) electric vehicles (FAME), launched in 2015, is the government’s flagship scheme to encourage sale of electric and hybrid vehicles. The first phase of the scheme ran till 2019 and the second phase ends in March this year.
In FY24, ₹5,171.97 crore was allocated for the scheme and revised estimates show around ₹4,807.4 crore would have been spent by the end of the next month. In FY23, ₹2,402.51 crore was spent under the scheme. For the next fiscal, the allocation has been reduced to just ₹2,671.33 crore.
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