New Delhi, Feb 28 : The Union Cabinet on Thursday approved the proposal for the implementation of scheme titled 'Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II),' for promotion of Electric Mobility in the country.
''The scheme, with total outlay of Rs 10,000 crore over the period of three years, will be implemented with effect from April 1, 2019,'' announced Union Minister Arun Jaitley, while briefing reporters after Cabinet meeting, chaired by Prime Minister Narendra Modi.
This scheme is the expanded version of the present scheme titled 'FAME India1,' which was launched on April 1, 2015, with total outlay of Rs 895 crore. Total fund requirement for this scheme is Rs 10,000 crore over three years, from 2019-20 to 2021-22.
He said the main objective of the scheme is to encourage Faster adoption of Electric and hybrid vehicle by way of offering upfront Incentive on purchase of Electric vehicles and also by way of establishing a necessary charging Infrastructure for electric vehicles.
The scheme will help in addressing the issue of environmental pollution and fuel security.