More than 90 percent of FAME-2 scheme funds are used in electric vehicles

New Delhi: Nearly 90 percent of the funds under the central government’s ambitious FAM-II scheme have been used to promote electric vehicles (EV) in the country. These figures are till March 31, 2024, which is the scheduled end date of the scheme. Data from the Ministry of Heavy Industries shows that the central government has allocated Rs. Rs 11,500 crore. Rs 10,253 crore has been utilized. This money has been used to support 1.5 lakh vehicles in the last 5 years.

Some of this additional money can be used for vehicles sold before March 31, but applications for the incentive have not been filed yet.

Informed sources said some of the funds will be earmarked for incentives to manufacturers who had sold their vehicles in the previous financial year but applied for incentives later.

The electric three-wheeler category has seen the highest utilization of funds and the Rs 991 crore allocated for it has been fully utilised.

The allocation for bus category is Rs. Out of Rs 991 crore, 94 percent has been utilized. The allocation for electric two-wheelers is Rs. Of the Rs 4,756 crore, 90 percent has been utilized. The least amount of money has been used in electric four-wheelers. Only 64 percent of the funds allocated for this category have been utilized.