Fame 2 subsidy extended. Here's how it'll impact the EV market
H. Karan Kumar
The Indian government’s recent decision to extend the FAME-II (Faster Adoption and Manufacturing Electric Vehicles) scheme for four months beyond its original expiry date of 31 March 2024, signifies a significant development in the country’s electric vehicle (EV) ecosystem. This move aims to maintain momentum in the rapidly evolving EV market until the third edition of the FAME scheme is approved.
Overview of the FAME-II Scheme
The FAME-II scheme, strategically designed to address environmental concerns, particularly in pollution mitigation, has been a catalyst in encouraging the use of renewable energy sources for transportation needs. A key component of India’s broader initiatives aimed at fostering cleaner and more eco-friendly mobility solutions, FAME-II has been instrumental in shaping the country’s EV landscape.
FAME-II Extension: A Strategic Move
The four-month extension of the FAME-II scheme represents a proactive measure taken by the Indian government to prevent any disruption in the EV ecosystem. The scheme, originally scheduled to expire on March 31, 2024, has been extended until July 31, 2024, with an allocation of Rs. 500 crore to cover subsidies for demand incentives for e2W and e3Ws.
The Road to FAME-III
The Expenditure Finance Panel has recommended Rs. 10,000 crore support for the upcoming FAME-III scheme. However, it is likely to be approved only after the upcoming elections. The allocated Rs. 500 crore for the extension period will be adjusted once the outlay for FAME-III is approved.
The Influence of Subsidies on EV Sales
India’s electric two-wheeler (E2W) sales witnessed a nearly 24 percent Year-on-Year (YoY) growth to 81,963 units in February 2024. The total sales crossed 800,000 units in the 11 months of FY24. However, since the reduction of FAME-II subsidy in June, registrations went down to nearly 45,000 units.
The Future of EVs in India: A Speculative Analysis
With the extension of the FAME-II scheme and the anticipation of the FAME-III scheme, the future of EVs in India appears promising. The government’s consistent efforts to promote EV adoption through financial incentives and policy support are expected to catalyze the growth of the EV sector in the coming years.
The Socio-Economic Impact of EV Adoption
The adoption of EVs not only contributes to environmental preservation but also has significant socio-economic impacts. By promoting the use of renewable energy sources for transportation, the FAME schemes contribute to reducing fossil fuel dependency, thereby creating a more sustainable and resilient economy.
Challenges in the EV Ecosystem
Despite the government’s proactive measures to promote EV adoption, several challenges persist in the EV ecosystem. These include the high upfront costs of EVs, limited charging infrastructure, range anxiety among consumers, and lack of awareness about the benefits of EVs.
The Role of Stakeholders in Promoting EV Adoption
Various stakeholders, including vehicle manufacturers, charging infrastructure providers, policy-makers, and consumers, play a crucial role in promoting EV adoption. Their collective efforts can significantly contribute to overcoming the challenges in the EV ecosystem and accelerating the transition to cleaner mobility solutions.
Conclusion
The extension of the FAME-II scheme signifies a positive step towards promoting EV adoption in India. As the country gears up for implementing the FAME-III scheme, the future of the EV sector appears promising. With the collective efforts of all stakeholders, India is well on its way to achieving its vision of a cleaner and more sustainable mobility ecosystem.
Featured Articles
Bounce Infinity E1 Price, Range, Specs, & Features – 2024
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
Bounce Infinity at a glance:
The Bounce Infinity E1 electric scooter is a compelling choice for eco-conscious commuters seeking a blend of style, performance, and affordability. With its sleek design, impressive range, and a host of smart features, the E1 promises a delightful riding experience in the urban jungle.
At the heart of the E1 lies a robust 2 kW motor that delivers a spirited 55 kmph top speed, ensuring you easily navigate city streets. The scooter’s 2.5kWh Li-ion battery boasts a remarkable range of up to 100 km, keeping you on the move without range anxiety. Moreover, the E1 features regenerative braking, which intelligently converts braking energy back into battery power, extending your range further.
Planning to set up a Charging station?
Connect with 1C for expert advice on EV chargers
Bounce infinity specifications:
Bounce Infinity Dimensions:
| Kerb weight | 94kg |
| Load Capacity | – |
| Seat height | 780mm |
| Wheel-base | 1260mm |
| Ground clearance | 155mm |
Bounce Infinity Dimensions:
Kerb weight | 94kg |
Load Capacity | – |
Seat height | 780mm |
Wheel-base | 1260mm |
Ground clearance | 155mm |
Bounce infinity features
- Drive Modes: Eco, Power and Turbo,
- Cruise Control
- Turbo Mode with Hill Assist
- Over Temperature Audio Alarm
- Digital Console
- Smartphone app support
- Combi Brake System
- 12 L boot space.
- Regenerative Braking system
Bounce Infinity price and warranty:
With a 100km range and 55km/h top speed, this scooter comes among the average segment electric scooters. The Bounce Infinity E1 is priced at ₹1,12,999/- ex-showroom, but you don’t need to pay all upfront.
Now, Lease the Bounce E1 electric scooter for an easy monthly fee and enjoy perks like free maintenance, charging support, insurance, and much more.
Bounce Infinity E1 Warranty:
Bounce Infinity comes with the best-in-class warranty for both vehicle and battery. Vehicle alone comes with 3 yrs/40000* Kms, whichever comes first. Battery alone comes with 3yrs/45000* Kms, whichever comes first.
Planning to set up a Charging station?
Connect with 1C for expert advice on EV chargers
How to book bounce infinity:
You can book the scooter by pre-booking it on the website and get it delivered by visiting the nearest Bounce Infinity showroom, but paying the full upfront cost is unnecessary. Now lease the Bounce Infinity electric scooter from Zecat and own the scooter for an easy monthly fee.
Here’s how to lease Bounce E1:
- Click on the button,
- Fill the form,
- Book the slot.
