FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric vehiclesin India.
The FAME India scheme was launched in 2015 under National Electric Mobility Mission Plan (NEMMP).
The limited domestic reserves of the conventional fuels and the rising demand in the automobile sector, are the main reasons to launch FAME India mission. So it is a alarming necessity to find an alternative sources of energy for transport which are eco-friendly as well as cost-effective.
It is being administered by the Department of Heavy Industry.
Its main aim is to promote eco-friendly vehicles in the country.
Its main objectives is to provide tax and monetary incentives for adoption and market creation of both hybrid and electric technologies vehicles in the country.
It will also support the hybrid or electric vehicles market development and its manufacturing eco-system in the country in order to achieve self-sustenance in stipulated period.
It will provide demand incentives to electric and hybrid vehicles from two-wheeler to four-wheeler (e.g. buses, cars, etc.).
The Phase 1 of the scheme was effective from April 2015 to March 2017.
It had received 6-month extension till September 2017 end.
Now FAME Mission has been extended by another six months up to March 31, 2018.
