FAME III In Final Stages But Unlikely In Budget 2024: Heavy Industries Minister

The FAME-III EV subsidy scheme is unlikely to be introduced in Union Budget 2024, as it’s still in the final stages of development, India’s heavy industries minister has said.

“The preparatory work is still going on, and all seven ministries have recommended how to implement it,” Heavy Industries Minister HD Kumaraswamy said on the sidelines of an event in New Delhi on Tuesday. “In the future days, we’ll see it implemented.” No decision has been taken on revising tax and cess on hybrid cars, he said.

Kumaraswamy was speaking on the sidelines of an electric vehicle workshop organised by industry body Society of Indian Automobile Manufacturers—his public appearance since taking charge of the heavy industries ministry.

“The automotive industry is at the cusp of a transformative era. The global shift towards EV is not just a trend,” Kumaraswamy said. “India stands to gain significantly from embracing electric mobility, offering enhanced energy security and environment sustainability.”

“We promise that our ministry will support you (industry) with a transparent administration and offer support where the industry is facing hurdles.”