New Student User- Use Code HELLO

Register Now

Allocation of funds under the FAME scheme increased

Published on February 03, 2023

Current context: Faster Adoption and Manufacturing of Electric and Hybrid Vehicles, or FAME, was introduced in 2015 to boost the nation's sales of electric automobiles. The National Electric Mobility Mission began the programme.

Allocation of funds under the FAME scheme increased
  • The GoI budgeted Rs 5,172 crores for the fiscal year 2024 at the Union Budget 2023. When compared to the 2022 budget, this is 78% more.
  • A budget of Rs 10,000 crores was set aside in 2019 to implement the scheme gradually. The funds were enhanced to Rs 500 crores for the upcoming fiscal year.
  • 318 crores were allotted for 2021. It was further raised to 500 crores in 2022. The GoI allocated Rs 2,897 crores for 2023.
  • FAME has yet to be as successful as other government flagship initiatives receiving the same percentage of the budget while receiving increased funding.
  • FAME should have expanded the number of electric vehicles in the nation to use the amount of funding allotted. But that is not the case. This is primarily due to unpaid FAME subsidies.
  • 90% of the electric car market participants in 2022–2023, or 12 manufacturers of electric and hybrid vehicles, did not get any subsidies. Hero Electric and Okinawa are included in this.
  • Rs 88,198 crores were set up in the Union budget for climate-related initiatives. This represents 2% of the budget's overall spending. It stood at 0.9% in 2024.

Question:

Q.1 In which year was the FAME scheme introduced?
a. 2015

b. 2016
c. 2020
d. 2023
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu