In an attempt to curb issues such as rising fuel prices and growing environmental concerns, the Indian government launched the Faster Adoption and Manufacturing of Electric Vehicles (FAME) India Scheme in 2015. The FAME 1 subsidy was the first phase, offering financial incentives to promote electric mobility through the purchase of electric two-wheelers, three-wheelers, four-wheelers, and public transport vehicles.
What are the features of the FAME 1 subsidy?
- Subsidies in the form of financial assistance, making electric and hybrid vehicles more affordable.
- Provision of charging infrastructure such as charging stations across key locations.
- Support for public transport by expanding incentives to also cover electric buses and shared mobility solutions.
Why is it important even today?
No arguing that FAME 1 helped increase awareness, despite its smaller budget and limited coverage. Additionally, it also helped lay the foundation for future EV policies. If you’re considering an EV today, understanding past policies could help make informed choices. Plus, since EVs come with unique components like expensive batteries, a comprehensive car insurance could play an important role in protecting your investment even from unexpected repair costs.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.