In a significant move towards promoting electric mobility, the Indian government is set to unveil the third phase of the FAME-3: India Electric Mobility scheme, known as FAME-III, on Budget Day.

With an anticipated outlay of INR 10,000 crores, FAME-3 aims to build on the successes and lessons learned from its predecessor, FAME-II, which concluded in March.

Current Developments

The Ministry of Heavy Industries has submitted a detailed plan for FAME-3 to the Prime Minister’s Office for review.

The government is expected to make a final decision on the scheme closer to the union budget, taking into consideration the current fiscal situation.

Key Features of FAME-3

1. Increased Incentives: FAME-III is expected to offer increased incentives for the adoption of electric vehicles (EVs) across various categories, including two-wheelers, three-wheelers, and four-wheelers. These incentives are crucial for making EVs more affordable and attractive to consumers.
2. Charging Infrastructure: The new scheme is likely to focus on the expansion of EV charging infrastructure, addressing a critical barrier to the widespread adoption of EVs. The development of a robust charging network is essential for the long-term sustainability of electric mobility.
3. Support for Domestic Manufacturing: FAME-3 is expected to continue its emphasis on promoting domestic manufacturing of EV components and vehicles. This aligns with the government's vision of building a self-reliant and sustainable electric mobility ecosystem in the country.
4. Environmental Benefits: The promotion of electric vehicles under FAME-III is not only expected to reduce the country's dependence on fossil fuels but also contribute to a significant reduction in vehicular emissions, which help to increase pure and pollution-free air.

Impact of FAME-3

The introduction of FAME-III is expected to have a transformative impact on the electric mobility landscape in India.

It will not only accelerate the adoption of EVs but also create new opportunities for investment and job creation in the EV ecosystem.

News Highlights

As India gears up to unveil FAME-3: India Electric Mobility, the stage is set for a new chapter in the country's journey towards sustainable and environmentally friendly transportation.

With its focus on incentivizing EV adoption, expanding charging infrastructure, and promoting domestic manufacturing, FAME-3 has the potential to drive India's transition towards a cleaner and greener future.