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The Ministry of Heavy Industries has achieved 79 per cent of its revised target for the number of electric vehicles (EVs) — in two-, three-, and four-wheelers — that it had to support under Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India II (FAME II) as of February 18 (including vehicles under processing for subsidy). The revised number of vehicles across the three segments was pegged at 1.73 million in the five years of the scheme (previously 1.5 million) which ends on March 31. Based on segments, the target achieved in electric two-wheelers is 78 per cent, for electric three-wheelers 88 per cent, and for electric four-wheelers much lower at 56 per cent.
The details were divulged by the ministry in a FAME II conclave held on February 20 with EV original equipment manufacturers (OEMs) from these three segments.However, the government has to process 514,064 EVs, accounting for 37 per cent of the total number of vehicles under the scheme whose application for subsidy under FAME II is still pending until February 18. Since 2019-20, as many as 1.36 million EVs have applied for subsidy under the scheme.
The revised outlay for subsidy for the three segments for five years was at Rs 7,048 crore — which includes Rs 5,311 crore for electric two-wheelers, Rs 987 crore for electric three-wheelers, and Rs 750 crore for electric four-wheelers.
Of this, the government has spent and distributed Rs 4,047 crore until February 18, or 57 per cent of the total money earmarked.
In 2023-24 (FY24), the disbursements until February 18 have been Rs 2,167 crore.The scheme’s total funding was enhanced from Rs 10,000 crore to Rs 11,500 crore, which includes electric buses, charging stations, and grants for creating capital assets.The ministry said that the subsidies for demand incentive would be eligible for two-, three-, and four-wheelers until March 31, 2024, or until the funds are available.
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