New Delhi, Mar 1 : Society of Indian Automobile Manufacturers (SIAM) warmly welcomed the announcement of the FAME II (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) scheme that was approved by the Cabinet Committee last evening, a statement here said on Friday.
SIAM President Rajan Wadhera said the decision will provide a big fillip to our joint efforts to introduce higher levels of Electric Mobility in the country.
He said that for the last more than 2 years, the industry has been eagerly waiting for the announcement of a long term policy including the FAME II Scheme to be finalised.
"The industry is poised to make huge investments in manufacturing EVs in all categories of vehicles and developing an indigenous supply chain to ensure Make in India," said Mr Wadhera.
"The three-year scheme with significantly enhanced financial allocations as reported, will instill tremendous confidence in the auto as well as in the component industry while taking long-term investment decisions in EV development and manufacture, with minimum risk," he added.
"FAME II will focus on EVs used for commercial applications and two/three wheelers and in creating the necessary infrastructure and ecosystem for EVs, which is a welcome move," said Mr Wadhera.