In hopes to accelerate the adoption of electric vehicles in India, the government has increased the budgetary allocation for EVs by three times. This will contribute towards subsidizing the purchase of electric vehicles. The subsidy under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) for fiscal 2023 is projected at Rs 2,908 crore as per the budget document. This is three-and-a-half times more than the allocation of Rs 800 crore for the FY21. The sales of Electric vehicles in the country have accelerated post-FAME-II scheme which brought confidence among government shareholders to continue the scheme.
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