CURRENT AFFAIRS

Detailed explanation-1: -As per the Budget document released recently, the subsidy outlay under the FAME scheme for fiscal 2023-24 is earmarked at Rs 5, 172 crore, accounting for 85 percent of the total Budget allocation of Rs 6, 145 crore for the Ministry of Heavy Industries.

Detailed explanation-2: -The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was launched in April 2015 under the National Electric Mobility Mission, to encourage electric and hybrid vehicle purchase by providing financial support. Its first phase ran for four years until 2019.

Detailed explanation-3: -Under FAME India Scheme Phase-II, the demand incentive/ subsidy is given to consumers (buyers/end users) in the form of an upfront reduced purchase price of hybrid and electric vehicles to enable wider adoption, which is reimbursed to the OEMs by the government.

Detailed explanation-4: -Fame India Scheme operates in two phases: Phase I: The first phase of the FAME India Scheme started in 2015 and was functional till 31st March 2019. Phase II: The second phase of this scheme started in April 2019 and will continue till 31st March 2022.