FAME-II subsidy on EVs cut to Rs 10,000/KWh, max 15% of ex-factory price
The Centre has slashed the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) subsidy of electric two-wheeler to Rs 10,000 per Kwh from the existing Rs 15,000 per Kwh. The existing maximum subsidy cap of 40 per cent of the ex-factory price of the vehicle has also been pruned to 15 per cent, senior government officials said.
The move comes as the outlay for the E2W was about to get exhausted months before the scheme’s March 2024 deadline. The government has already disbursed subsidies to around 80 per cent of the targeted one million E2Ws the scheme.
