The Ministry of Heavy Industries (MHI) has reportedly hired IFCI Ltd, a public sector non-banking finance company (NBFC), and global consulting firm EY to streamline its FAME-II electric vehicle (EV) scheme, which has a total budget of INR 10,000 crore.
IFCI will serve as a liaison between the government and the applicants for the FAME-II subsidy. According to people familiar with the development, it will also handle data management and calculating subsidies due. Meanwhile, EY will be in charge of auditing the books of companies that have allegedly wrongfully claimed the scheme’s benefits.
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