Government to implement FAME III soon

17 Jul 2024 CW Team

"Preparatory work is already underway. Several ministries have recommended implementation strategies for the FAME III program. It is expected to be implemented in the coming months," Kumaraswamy said when asked about the auto industry's demand for the FAME III scheme.

When asked if FAME III would be announced in the budget, he responded negatively. Earlier this year, the heavy industries ministry extended subsidies under the second phase of the FAME scheme for e-vehicles sold until March 31, 2024, or until funds are depleted, while increasing the program's outlay from Rs 100 billion to Rs 115 billion.

Regarding tax reductions on hybrid vehicles, Kumaraswamy mentioned that the issue would be discussed under the leadership of Prime Minister Narendra Modi, with the finance ministry working on the roadmap. When asked if his ministry had recommended tax reductions on hybrid vehicles, said, "The budget presentation is next week."

On whether American electric carmaker Tesla has communicated its intention to invest in India under the new EV policy, he stated that no discussions have taken place yet.

Addressing the event on preparing India's workforce for the EV sector, Kumaraswamy emphasised the significant benefits of embracing electric mobility for India's economic growth, environmental sustainability, and energy security. "Our workforce must be prepared to handle the unique challenges and opportunities in fulfilling India's ambitious goal of electric mobility," he asserted. (Source:ET)

The government is actively developing the third phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, with plans to implement it in the near future, announced Union Minister HD Kumaraswamy. However, FAME III will not be featured in the upcoming Union Budget, the Minister for Heavy Industries and Steel clarified during an event organised by the auto industry body SIAM. Preparatory work is already underway. Several ministries have recommended implementation strategies for the FAME III program. It is expected to be implemented in the coming months, Kumaraswamy said when asked about the auto industry's demand for the FAME III scheme. When asked if FAME III would be announced in the budget, he responded negatively. Earlier this year, the heavy industries ministry extended subsidies under the second phase of the FAME scheme for e-vehicles sold until March 31, 2024, or until funds are depleted, while increasing the program's outlay from Rs 100 billion to Rs 115 billion. Regarding tax reductions on hybrid vehicles, Kumaraswamy mentioned that the issue would be discussed under the leadership of Prime Minister Narendra Modi, with the finance ministry working on the roadmap. When asked if his ministry had recommended tax reductions on hybrid vehicles, said, The budget presentation is next week. On whether American electric carmaker Tesla has communicated its intention to invest in India under the new EV policy, he stated that no discussions have taken place yet. Addressing the event on preparing India's workforce for the EV sector, Kumaraswamy emphasised the significant benefits of embracing electric mobility for India's economic growth, environmental sustainability, and energy security. Our workforce must be prepared to handle the unique challenges and opportunities in fulfilling India's ambitious goal of electric mobility, he asserted. (Source:ET)

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..