Replacing fossil fuel vehicles can save Rs 14k cr: Geete

Phased replacement of fossil fuel-based vehicles with those based on latest technologies will lead to a net saving of Rs 14,000 crore, Union Minister for Heavy Industries and Public Enterprises Anant Geete today said.
The Minister flagged off a rally of electric and hybrid vehicles to spread awareness among the public about the benefits of Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME India) scheme on the occasion of the World Environment Day.
Geete said the scheme will help promote use of electric and hybrid vehicles, and initially, a subsidy of 30 per cent will be provided to the buyers.

He appealed to auto makers to chip in for this project under the 'Make-in-India' initiative.
Union Environment and Forest Minister Prakash Javadekar, also present at the event, said this campaign will strengthen India's stand on reducing carbon emission at international platforms.
In April, the government had formally rolled out the FAME-India programme.

The scheme is proposed to be implemented over six years, till 2020, which looks at sales of electric and hybrid vehicles up to 60-70 lakh units per year.
The phase-I will be implemented in 2 years - 2015-16 and 2016-17. Of the Rs 795 crore allotted for the scheme in the first two fiscals, the government has already approved an initial outlay of Rs 75 crore in this year's Budget.

Based on the outcome of the first phase, the scheme will be reviewed for implementation after March 31, 2017, with appropriate funds allocation in future.