The FAME-India scheme (Faster Adoption and Manufacturing of Electric vehicles in India), recently introduced by the Indian government, already seems to be helping hybrid and electric cars. With Mahindra being the first to take advantage of the scheme and slashing the prices of its EV — the e2o, it is now learnt that Toyota will be the first carmaker to benefit from sops directed towards hybrids.
The Japanese carmaker will be launching the new Camry hybrid today. Although prices are still awaited, Toyota has received relief of around Rs 70,000 on the price of the Camry. For buyers, this is great news, as the manufacturer has directed all of the benefits to prospective owners.
Under Phase I of the FAME scheme, the government has sanctioned Rs 795 crore spanning the fiscal years 2015-16 and 2016-17. Major incentives are as follows:
- Rs 13,000 to Rs 1,24,000 for sub-4-metre four-wheelers
- Rs 11,000 to Rs 1,38,000 for four-wheelers above 4-metres long
It may not seem like a great difference at the moment but the FAME-India scheme will offer the
backing required to give the industry, which is still in its nascent stage in India, the much-needed
push.