FAME 3 Subsidy Scheme 2024: Check Benefits, Features and Objective

Let us know what is FAME 3 Subsidy Scheme is and see the steps to register FAME 3 Subsidy Scheme 2024 apply online and learn the main features, objectives, and details of the scheme through contact.

FAME 3 Subsidy Scheme:- According to a story in The Times of India, the government may introduce a new subsidy program for the FAME 3 Subsidy scheme. The subsidy is probably going to apply to light-duty trucks. To encourage electric vehicles, FAME India which stands for Faster Adoption and Manufacturing of Electric Vehicles in India was included in the Union Budget 2015–16. With a budget of Rs. 895 crore, Phase 1 of FAME India was introduced on April 1, 2015, and ran until March 31, 2019. With an allocation of Rs. 10,000 crore, FAME 2, the second phase, commenced in April 2019. Keep reading this article to learn more about the FAME  3 subsidy scheme.

Overview of the FAME 3 Subsidy Scheme

The third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III) initiative is presently being worked on by the Ministry of Heavy Industries. According to Business Standard, the ministry intends to allot Rs 26,400 crore to the FAME 3 subsidy scheme after meeting with partners. Including the amount, Rs 8,158 crore would be allocated for electric two-wheelers. Rs 9,600 crore for electric buses. And Rs 4,100 crore for electric three-wheelers. An extra part, like creating a fund for development and funding for testing, could increase the overall budget above Rs 33,000 crore. There are currently presently ongoing talks over the basic structure of the suggested plan. All the data and statistics given are estimated for now.

FAME 3 Subsidy Scheme
FAME 3 Subsidy Scheme

Objective of the FAME 3 subsidy scheme

The main goal of the FAME 3 Subsidy scheme is to improve the country’s electric vehicles and environmentally friendly public transport system. The plan also calls for providing e-tractors with funding of more than Rs 200 crore. In addition, a budget of about Rs 1,800 crore is planned for electric four-wheelers. There were rumors that the finance ministry had questioned whether extending the subsidy program was necessary after FAME 1 and FAME 2. However the government is promoting the use of EVs more. The estimated budget for the third phase, which is Rs 10,000 crore and Rs 895 crore, respectively, is bigger than that of FAME 1 and FAME 2.

Key Highlights of the FAME 3 Subsidy Scheme

Name of the schemeFAME 3 Subsidy Scheme
Launched byGovernment of India
Concerned ministryMinistry of Heavy Industries
Budget estimated26,400 crores
ObjectivesTo promote the use of environment friendly Electric vehicles
Phase3rd phase soon
Official Websitehttps://fame2.heavyindustries.gov.in/

Eligibility Criteria

  • You must own a legitimate ID.
  • You must not have previously received an electric two-wheeler FAME 3 subsidy.
  • The name on the ID proof and the name entered during registration must match.

Details of the FAME 3 Subsidy Scheme

  • Started by the Indian Government
  • under the Ministry of Heavy Industries Ministry
  • Expected budget 26,400 crores
  • Goals To encourage the adoption of environmentally friendly electric cars.

Benefits of the FAME 3 Subsidy Scheme

  • The FAME 3 Subsidy scheme’s main aim is to enhance the nation’s electric car fleet and eco-friendly public transportation infrastructure.
  • More than Rs 200 crore in funding for e-tractors is also part of the proposal.
  • Additionally, an estimated Rs 1,800 crore will be allocated for electric four-wheelers.
  • Rumor had it that the Finance Ministry had considered whether FAME 1 and FAME 2 warranted an extension of the subsidy scheme.
  • However, the government is pushing EV use more.
  • The expected budget for the third phase exceeds that of FAME 1 and FAME 2, coming in at Rs 10,000 crore and Rs 895 crore, respectively.
  • Light-duty trucks are most likely going to be eligible for the subsidy.
  • FAME India, which stands for Faster Adoption and Manufacturing of Electric Vehicles in India, was added to the Union Budget 2015–16 to promote electric vehicles.
Required documents
  • Aadhar card
  • Pan card
  • Residence proof
  • Income proof
  • Mobile number
  • Email ID

FAME 3 Subsidy scheme features

  • The Ministry of Heavy Industries is now working on the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III) initiative.
  • After consulting with partners, the ministry plans to allocate Rs 26,400 crore to the FAME 3 subsidy scheme, as reported by Business Standard.
  • More than Rs 200 crore in funding for e-tractors is also part of the proposal.
  • Additionally, an estimated Rs 1,800 crore will be allocated for electric four-wheelers.
  • Rumor had it that the Finance Ministry had considered whether FAME 1 and FAME 2 warranted an extension of the subsidy scheme.
  • However, the government is pushing EV use more.

Implementation process

  • The phase 3rd of FAME has not been implemented yet.
  • However, the government has already estimated the budget for the 3rd phase and is meeting with the partners.
  • The strategies and the date for launch are being discussed by the ministry.

Fame 3 subsidy scheme Apply Online

To avail of the benefits of Fame India Scheme’s latest phase, i.e. Phase 3, applicants must follow the steps mentioned below.

  • Step 1- Visit the official website of the Department of Heavy Industries, Ministry of Heavy Industries, and public enterprises.
  • Step 2- Click on Fame India Phase 3 option.
  • Step 3- After that, an application form will appear on your screen.
  • Step 4- Fill up that form with relevant information and follow the instructions to complete the procedure.

Contact details

  • e-Mail: connect[at]mygov[dot]n.ic[dot]in
  • Phone: 011-24301812
FAQS

What is the FAME subsidy scheme?

FAME India which stands for Faster Adoption and Manufacturing of Electric Vehicles in India was included in the Union Budget 2015–16.

What is the FAME 3 Subsidy scheme?

According to a story in The Times of India, the government may introduce a new subsidy program for the FAME 3 Subsidy scheme. The subsidy is probably going to apply to light-duty trucks.

What is the main motive behind this FAME Scheme?

The FAME Subsidy scheme’s main aim is to enhance the nation’s electric car fleet and eco-friendly public transportation infrastructure.

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