What is FAME II Subsidy and what are it's benefits?

To promote the manufacture and use of electric vehicles in India, the Govt. of India has introduced the FAME II (Faster Adoption and Manufacturing of Electric Vehicles Phase II) subsidy. The FAME II subsidy is a benefit given to the purchaser of the electric vehicle in the form of an upfront price reduction. The FAME II subsidy amount would be the minimum of the following:
(i) 40% of the ex-showroom price, or
(ii) INR 15,000 per KwH of battery capacity