In the e2W category, which accounts for more than 60 per cent of total EV sales, volumes fell 15 per cent to 118,944 units in November, compared to 139,787 units in the previous month
The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024. "A total of 11 firms have been granted approval under the EMPS, with several more under consideration," informed a senior official of the ministry to Business Standard. The scheme aims to sustain the growth in EV sales, replacing the Faster Adoption and Manufacturing of Electric Vehicles - II (FAME-II) scheme.
Reliance Industries Limited has been granted approval to set up a battery manufacturing facility for up to 10 GW under the Rs 3,620 crore-Production Linked Incentives (PLI) scheme for ACC Battery Storage, the government said on Wednesday. The Ministry of Heavy Industries had received bids from seven bidders under global tender for Production Linked Incentives (PLI) scheme for 10 GWh Advanced Chemistry Cell (ACC) manufacturing, with a maximum budgetary outlay of Rs 3,620 crore, announced on January 24, 2024.
The government has taken a slew of steps to boost the sales of electric two-wheelers and three-wheelers under its Electric Mobility Promotion Scheme (EMPS) 2024, which includes allowing manufacturers to upload claims twice a month and gives them a 120-day window to submit it. The Rs 500-crore scheme -- which had replaced the flagship Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme-- comes to an end on July 31st.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
The Ministry of Heavy Industries on Monday announced the extension of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year with "partial amendments". This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS). "In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme.
The Ministry of Heavy Industries announced on Tuesday that it has received bids from seven players for the re-bidding tender of the 10 gigawatt-hour (Gwh) tranche of the Advanced Chemistry Cell (ACC) manufacturing production-linked incentive (PLI). "The list of bidders (in alphabetical order) who have submitted bids in response to this tender are ACME Cleantech Solutions, Amara Raja Advanced Cell Technologies, Anvi Power Industries, JSW Neo Energy, Reliance Industries, Lucas TVS, and Waaree Energies for a cumulative capacity of 70 Gwh," the ministry said in a statement. After the re-auctioning for the manufacturing unit was announced in January, the pre-bid meeting was held on February 12, the ministry said.
The ministry of external affairs also seemed to reject Trump's forceful comments that Washington brokered the understanding between India and Pakistan on ending their four-day military conflict.
He said this in response to a query during a press interaction held at his residence in New Delhi on what Germany was willing to do bring over three-year-old Ariha back and whether her issue will be raised at the "highest level".
Bharatiya Janata Party's National Democratic Alliance partners have got five cabinet ministerial berths in the third term of Prime Minister Narendra Modi, as against none in the outgoing government, given the party's dependence on allies for a majority in the Lok Sabha.
US President Donald Trump has proposed a deal to China that would see the sale of TikTok's US operations to an American buyer in exchange for a reduction in tariffs on Chinese exports to the US. The proposal comes amid a trade war between the two countries and follows China's retaliation of Trump's tariffs on Chinese goods. Trump has also said that tariffs are a powerful economic tool and that he is determined to ensure fair trade between the US and China.
The Rs 500-crore Electric Mobility Promotion Scheme (EMPS) 2024, introduced by the Centre to provide incentives to the electric mobility industry, will conclude on July 31 with barely 3.6 per cent of the targeted vehicle sales achieved so far. This is in stark contrast to the earlier flagship Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, which exceeded its sales targets. According to data from the Ministry of Heavy Industry (MHI), only 13,499 of the 372,215 targeted vehicles have been sold under the EMPS scheme.
Shiv Sena-Uddhav Balasaheb Thackeray leader Priyanka Chaturvedi on Wednesday took potshots at the rival Shiv Sena over its minister not finding a place in the reconstituted NITI Aayog.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
'This is what you get when you decide to be someone's slaves'
If as critics point out, the environmental impact assessment study was commissioned only after the auction process got underway with not all the stakeholders getting to know of it, then the government has already compromised the trust it could have enjoyed with Kerala's public including its coastal communities, points out Shyam G Menon.
Among the new entrants to the Union cabinet, former Madhya Pradesh chief minister Shivraj Singh Chouhan has been given the agriculture and rural development portfolios, Bharatiya Janata Party president J P Nadda the health portfolio and former Haryana chief minister Manohar Lal Khattar the power portfolio.
Even as the government debates whether to continue the FAME-II subsidy for electric vehicles (EVs), the share of such vehicles in overall sales is decelerating, after witnessing a heady growth in the first few years. The penetration of EVs - electric two-wheelers, passenger vehicles, three- wheelers and other segments collectively - in the first 10 months of FY24 has been pegged at 4.3 per cent, compared to 3.7 per cent in FY23, according to credit rating agency ICRA.
The strong message from the prime minister is of continuity of policies he considers right with strong emphasis on execution, points out T N C Rajagopalan.
Electric vehicle sales registered a 55.2 per cent on-year growth at 1,79,038 units in July driven by a massive 96 per cent jump in e-two-wheeler sales, automobile dealers' body FADA said on Tuesday. The total electric vehicles sales for July 2023 were at 1,16,221 units, according to the monthly sales data from Federation of Automobile Dealers' Association (FADA).
The Ministry of Heavy Industries (MHI) has debarred Hero Electric and Benling India, two defaulters under its flagship Faster Adoption and Manufacturing of Electric Vehicles in India Phase-II (FAME-II) scheme, from participating in any of its incentive programmes in future. This action follows the ministry's findings that the phased manufacturing programme (PMP) guidelines were violated by these two companies, senior officials told
The United States has imposed sanctions on 275 individuals and entities, including 15 from India, for allegedly supporting Russia's military-industrial base.
'The BJP's numbers in this government are almost the same as those enjoyed by the Congress under P V Narasimha Rao when the reform process was kicked off in 1991.' 'As before, the only constraints on the prime minister's actions are internal, not external.' 'They come from his own assessment of the political consequences of any action,' points out Mihir S Sharma.
'The US is strongly placed to expand its crude supplies to India.'
Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
Based on discussions with stakeholders, the ministry is proposing to allocate Rs 26,400 crore for FAME-III subsidy alone with electric two wheelers getting around Rs 8,158 crore, electric buses Rs 9,600 crore and electric three-wheelers Rs 4,100 crore, according to sources in the know. Along with some other components like setting up an innovation fund and money for testing , the total allocation could cross Rs 33,000 crore, estimates suggest.
India described as "inaccurate" a media report that said artillery shells sold by Indian arms manufacturers have been diverted by European customers to Ukraine and New Delhi has not intervened to stop it.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
'At present, hybrids emit lesser carbon despite using fuel than pure play electric cars.' 'That is because EVs have to be charged and 76 per cent of the country's electricity is still coal-based and not renewables.'
During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
Signalling both change and continuity, India's new government, headed by Prime Minister Narendra Modi for a third consecutive term, got into work gear on Tuesday with cabinet ministers and ministers of state filing into their respective offices to assume charge.
As many as 37 ministers have been dropped from the government in Prime Minister Narendra Modi's third term and these include seven with cabinet rank -- prominent among them being Smriti Irani, Anurag Thakur and Narayan Rane.
Moody's Ratings on Tuesday said India's growing water shortage can disrupt farm and industry sectors and is detrimental to the credit health of the sovereign as rising food inflation and decline in income may spark social unrest. It said decreases in water supply can disrupt agricultural production and industrial operations, resulting in inflation in food prices and hence can be detrimental to credit health of sectors that heavily consume water, such as coal power generators and steel-makers.
'The critical event signalling a new era for India was Dr Singh's 1991 Budget in which he quoted Victor Hugo to say that no power on earth could stop an idea whose time has come,' recalls T N Ninan.
Differences between the Shiv Sena and the Bharatiya Janata Party over portfolio allocation blew over on Wednesday with Anant Geete deciding to take charge as heavy industries minister after party chief Uddhav Thackeray held "satisfactory" talks with Prime Minister Narendra Modi over the matter.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
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