FAME 3.0: Govt considering a renewed subsidy plan to support EV industry

FAME (Faster Adoption and Manufacturing of Electric Vehicles) has catalysed the growth of India’s electric vehicle (EV) ecosystem by incentivising both demand and supply. Despite robust EV sales, some gaps remain. The ecosystem still requires support till EVs gain wider consumer acceptance. The continuation of FAME will boost EV adoption and could herald the emergence of a robust indigenous supply chain.

Will FAME lll set an official EV target – something the first two versions did not incorporate? Will it feature higher per-vehicle incentives to spur volume growth of approved electric three-wheeler models? Will it introduce incentives for light-duty vehicles?