Cabinet may decide on FAME II scheme in a month: Geete

New Delhi: The Union Cabinet may decide on the roll out of the FAME India scheme's second phase to boost adoption of energy-efficient vehicles in a month's time, Union Heavy Industries Minister Anant Geete said.

The proposal entailing details of the scheme should come up before the Union Cabinet in a month, the minister said.

The second phase of the scheme spanning five years from 2018-19 to 2022-23 is likely to entail financial support of Rs 9,381 crore and target new energy vehicles used for public transport, commercial purposes and high-speed two-wheelers, official sources said.

According to the sources, the scheme may also entail provision for establishment of a Rs 500 crore venture capital fund related to electric vehicles to boost high-risk startups and foster innovation and entrepreneurship.

The main thrust of the venture capital funding will be for development of zero emission vehicles among others.