New scheme to replace FAME III, announcement likely today

In total, FAME III will support 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers, and over 14,000 e-buses.

Govt’s EV subsidy scheme FAME is likely to be replaced by a new programme called PM E-drive Scheme, and the Union Cabinet is likely to approve a proposal in this regard by this evening.

CNBC-TV18 reported citing sources that the new scheme will have an outlay of Rs 10,900 crore.

Under the new programme, subsidies worth Rs 3,679 crore has been provided to incentivize EVs under FAME III, and Rs 500 crore have been earmarked for electric ambulances.

In total, FAME III will support 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers, and over 14,000 e-buses.

Electric cars for private or shared mobility is not covered under the new scheme, it is learnt.

Heavy Industries Minister HD Kumaraswamy told reporters on the sidelines of an event organised by auto dealers' association FADA, that an announcement regarding FAME III is expected by this evening.

This is being updated