Society of Manufacturers of Electric Vehicles (SMEV) today asked the government to extend the FAME scheme for a longer period of five years so as to push the sector's growth.
Society of Manufacturers of Electric Vehicles (SMEV) today asked the government to extend the FAME scheme for a longer period of five years so as to push the sector’s growth.
The society also sought a long term policy for the sector that clearly states the incentives based on demand of the industry, supply and research and development.
It also asked for easy credit, mandating petrol pumps to set up at least one charging pillar and institutional adoption of the electric vehicles for government use.
To promote eco-friendly vehicles, the government had formally launched the FAME India scheme last year offering incentives on electric and hybrid vehicles of up to Rs 29,000 for bikes and Rs 1.38 lakh for cars. It envisaged Rs 795 crore support for the first two fiscals.
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Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India (FAME India) is part of the National Electric Mobility Mission Plan.
SMEV Director Corporate Affairs Sohinder Gill said: “The extension of FAME Scheme for the next five years will encourage more investments in the country. This will help in better adoption and infrastructure development, bringing stability to the EV industry with policy support.”