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Business News/ News / India/  Govt to continue FAME subsidy, plans payment security mechanism for EVs: PMO advisor

New Delhi: The government is committed to driving the adoption of electric vehicles and will continue with the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) subsidy to bridge the price difference in EVs, said Tarun Kapoor, adviser, Prime Minister’s Office, said on Thursday.

Speaking at the national conference on electric mobility organized by Assocham, Kapoor emphasized the importance of finding ways to bring down the price of EVs, as government subsidies cannot be permanent.

He stressed the need for a major shift towards public transport, such as metro and electric buses, for which state-level cooperation is crucial. He also highlighted the government’s serious consideration of setting up a payment security mechanism to facilitate financing for EVs, a step that is expected to ease the availability of funds for potential EV buyers.

Vishal Kapoor, CEO of Energy Efficiency Services Limited (EESL), emphasized the importance of collaboration between the demand and supply sides of the electric mobility market to drive the disruption necessary for the growth of electric mobility.

Nishant Arya, xhairman of the National Council on Green Mobility, Assocham, and Vice Chairman of JBM Group, highlighted the global automotive industry’s significant shift towards EVs to combat climate change and reduce carbon emissions. He stressed the need to support startups and MSMEs in the EV sector to sustain the growth of electric mobility in India.

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Updated: 03 Aug 2023, 05:50 PM IST
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