EV makers seek stability in incentives, call for long-term subsidy assurance before FAME III roll out

The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. Under it, a subsidy was provided to EV makers who used it to lower the prices of their products. The second edition, FAME-II, was introduced in 2019 and went on till March 2024 when it was scrapped. There has since been a steep slowdown in EV sales, according to a report by the Federation of Automobile Dealers Associations.