In 2015, the Government of India had introduced incentives to promote EV adoption through the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme. While growth in the sector has been commendable, the sector has faced challenges in terms of import dependence and insufficient R&D in the sector. These underscore the urgency to comprehensively assess the FAME scheme, and to identify viable solutions to foster a thriving domestic EV ecosystem. In this article, INDUSLAW's Saurav Kumar, Swathi Sreenath, Ritvika Thakur, Kajal Kashyap, and Suyash Bajpai seek to delve into the obstacles faced in the successful implementation of the FAME scheme, lessons learnt from them, and the future of FAME and similar initiatives introduced in the EV industry, in contemplation for what a potential third phase of FAME could entail.