FAME-II

Panel recommends extension of scheme

Co submitted requisite documents; awaiting meeting with MHI; at an industry level subsidy worth Rs 1,500 cr held up

Asserts that the company is robust not to depend on govt subsidies for survival and growth

For FY23, SMEV's projection was close to that of the government as it expected sales to be over 1 million

The cost of the slow charger will be included within the mandatory price cap for availing the FAME 2 subsidy

Instead of the Fame-II scheme, the benefits may be given through the production-linked incentive (PLI) scheme

Meaningful transition to EVs will be challenging

Joint secretary in the heavy industries ministry Hanif Qureshi said that out of the 7,000 electric buses, over 3,000 e-buses are already operating in the country

The prospect of the government withdrawing its signature scheme after the March 2024 deadline is likely to hurt dozens of start-ups that rode in on the back of subsidies

Ministry of Heavy Industries has already initiated the process to find out the quantum of subsidy claimed without meeting the localisation commitments by EV makers in India

Society of Manufacturers of Electric Vehicles on Tuesday sought extension of subsidies for EVs under the FAME II scheme and also include light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5 per cent GST on spare parts for electric vehicles. "The validity of FAME II is set to expire on March 31, 2024. We believe FAME's validity needs to be extended since we have yet to meet the penetration the subsidy was supposed to catalyse," Society of Manufacturers of Electric Vehicles (SMEV) said in a statement. The new FAME II scheme should be linked to e-mobility conversion rather than being time-based, it added. The EV industry body said market trends suggest that e-mobility, particularly electric two-wheelers (E2W) has the potential to continue growing once it reaches 20 per cent of the total two-wheeler market. "The subsidy can be tapered thereafter," it said, adding the FAME II scheme shoul

The supply chain for electric two-wheelers (E2Ws) is coming into shape but still not ready, argues the industry association SMEV

Supply-side glitches, impending govt regulations, fires, and delay in FAME II subsidy handout have forced start-ups to mothball ramp-up plans

Subsidies of Rs 200-300 crore remain unpaid, said executives of various start-ups

Centre has also asked Greaves Cotton's Ampere, Rattanindia's Revolt, Okaya and Jitendra EV to face an audit to be conducted by the Automotive Research Association of India (ARAI)

The incentive scheme helps put green transportation on a par with ICE vehicles

Under the FAME-II scheme, the government releases incentives for various categories of EVs to OEMs. It has an outlay of Rs 10,000 crore

India's electric vehicle market is expected to expand at a compounded annual growth rate of 49 per cent between 2021-2030, with the segment's volumes set to cross annual sales of 17 million by 2030, a new report said on Tuesday. This projected growth is expected to be driven by factors such as rising fuel prices, entry of new players, advancement in EV technology, continued subsidy support from both the central and state governments as well as anticipated implementation of emission standards, India Energy Storage Alliance (IESA) said in its report. The EV industry in India experienced one of the quickest recoveries from the pandemic-induced slowdown in 2020, the report observed, noting that the electric two-wheeler segment, accounted for 50 per cent of the total over 4.67 lakh EV sales in the domestic market followed by the low-speed e-three-wheelers in 2021. However, other segments also showed notable increase over the course of the year, it stated. The report said that with a ...

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