500 Cr for development of a manufacturing base for electric vehicles in India

mericar

FAME Phase II has proposed setting up of a venture capital fund of INR 500 Cr for development of a manufacturing base for zero-emission vehicles and their components, taking prototypes to manufacturing, and development of R&D among others. As many as 136 startups related to electric vehicles already existin India.

“In order to support such high-risk startups, it is proposed that a venture capital fund of INR 500 Cr be set up under the second phase of FAME,” an official source was cited as saying.

Government think-tank NITI Aayog, which has been vested the responsibility to oversee the implementation of electric vehicles, has reportedly started the process of collating inputs of the various ministries involved to roll-out Phase II of the FAME scheme.

Read full news at : https://inc42.com/buzz/evs-electric-vehicles-govt-plans-to-invest-1-3-bn-to-roll-out-fame-ii/