Emphasizing the need for enabling upfront near price parity for Electric Vehicles vis a vis ICE vehicle, to help increase the adoption of EVs over the next few years, FICCI has submitted its proposal to Ministry of Heavy Industries, Govt of India for continuation of FAME scheme for next 5 years, with a review at the end of 3 years. The time period for the current FAME II scheme is till March 2024.
Sudden withdrawal or discontinuation of upfront price incentives will lead to up to 25% price increase of EVS and this may derail EV adoption momentum substantially, also impacting further investments in EV sector, and disrupting gains made so far, noted FICCI. Purchase incentives on EV Vehicles are being continued in markets like Canada, US, Korea, etc. to achieve their electrification ambitions and India cannot be left behind and miss the EV bus.
EV penetration in India is only 5% currently. It is imperative to continue FAME scheme to achieve critical mass towards reaching overall 30% EV penetration targets by 2030, stated by Government of India and to also help meet 'Panchamrit' / Net Zero climate action goals of India.
Based on the input received from its wide base of members comprising of various stakeholders from the EV sector, FICCI EV Committee has estimated that if demand incentives as suggested are provided for the next five years, it could support adoption of 30.5 million electric vehicles across segments in next 5 years and help achieve the target of 30% electrification of India's transport sector.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Swati Maliwal assault case: Court seeks response of Bibhav Kumar on plea
A Session court at Tis Hazari, on Monday sought the response of accused Bibhav Kumar in the AAP MP Swati Maliwal assault case on Delhi police's plea.
There is decline of native fish in Yamuna, rise of exotic species: NGT
In its order dated November 7, a bench of NGT Chairperson Justice Prakash Shrivastava noted that the CIFRI had filed its reply dated September 19, which supported the plea for a decrease in local fish species.
Yasin Malik ends hunger strike, receives medical aid: Tihar to HC
The Tihar jail authorities informed the Delhi High Court on Monday that separatist leader and convicted Yasin Malik ended his hunger strike on November 8, 2024, and is being provided with the necessary medical treatment in accordance with jail rules.
JD(S) condemns 'Racial Slurs' by Minister Against Kumaraswamy
Janata Dal Secular on Monday strongly condemned the \"racist remarks\" made by Karnataka Minister Zameer Ahmed Khan for Union Minister HD Kumaraswamy.
Malabar Gold & Diamonds Launches 'Swarnakriti' - An Exquisite Collection of Handcrafted Gold Jewellery
Malabar Gold & Diamonds, the responsible jeweller and one of the world's largest gold and diamond retail chains, announces the launch of its exclusive new collection, 'Swarnakriti'.
LG approves hiring of 1,463 healthcare workers
Lieutenant Governor of Delhi VK Saxena on Monday had approved the recruitment of 1463 healthcare professionals, including 701 nurses and 762 paramedical staff, on an outsourced basis in order to address the shortage of personnel and improve Delhi's public healthcare infrastructure.
Govt urges LG to hire 10K bus marshals amid rising crimes against women
Delhi Chief Minister Atishi on Monday said her government is sending a proposal to Lieutenant Governor VK Saxena for the formulation of a policy on retaining 10,000 bus marshals on a permanent basis.
Delhi Police busts inter-state gun syndicate, 18 arrested
The Delhi Police has busted an inter-state syndicate of gun dealers and arrested 18 members of the gang in a month-long operation, officials said on Monday.
BJP criticises the AAP for mishandling the situation of civil defense volunteers
The Delhi unit of the Bharatiya Janata Party (BJP) has criticized the Aam Aadmi Party (AAP) for allegedly mishandling the situation of civil defense volunteers.
Uttarakhand High Court Allows Wife's Plea To Become Guardian Of Comatose Husband
The Uttarakhand High Court in the case Kamakshee Bisht Versus State Of Uttarakhand & others observed and has allowed the application of a wife who sought guardianship of her husband who is in a state of coma and deeply bedridden.
