In the previous two years, the nation has seen a dramatic increase in the sales of electric cars (EVs). EV sales climbed from 48,179 in 2020–21 to 2,37,811 in 2021–22 and 4,42,901 in 2022–23.
To encourage the use of electric/hybrid vehicles in the nation, the Ministry of Heavy Industries has implemented a program called “Faster Adoption and Manufacturing of Electric Vehicles in India Phase II” (FAME India Phase II), according to the Minister of Heavy Industries Mahendra Nath Pandey in a written reply in the Lok Sabha.
According to the response, as of December 9, 64 original equipment manufacturers (OEMs) of electric cars have registered, and 7.47 lakh EVs have been sold as part of FAME India Phase II.
In order to encourage the widespread adoption of hybrid and electric vehicles, FAME India Phase-II provides customers (buyers/end users) with a demand incentive/subsidy in the form of a reduced upfront purchase price, which is then refunded to the OEMs by the Indian government.
The FAME India program is market-driven. By lowering the price of purchasing such vehicles, this plan aids in increasing demand for EVs. The pace of FAME India’s implementation accelerates along with the demand for EVs.