Indian Economy News

Finance Ministry approves additional US$ 180.3 million (Rs. 1,500 crore) for FAME-II scheme

  • IBEF
  • January 4, 2024

The Union Finance Ministry has allocated an additional budget of US$ 180.3 million (Rs. 1,500 crores) for the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) program. This decision addresses concerns of potential budget depletion, ensuring funding until March 2024 amidst robust electric vehicle sales. The Department of Expenditure approved a proposal on January 2 to increase the FAME-II outlay from US$ 1.2 billion (Rs. 10,000 crore) to US$ 1.4 billion (Rs. 11,500 crore), reflecting the government's commitment to promoting electric vehicles. As of December 26, US$ 1.1 billion (Rs. 8,948 crore) had already been utilized from the initially allocated funds.

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