THE YEAR WAS 2015. Among the many things Arun Jaitley, then the Union Finance Minister, announced in the Budget, were two sentences on a new scheme to promote the use of electric vehicles (EVS) in India.
As beginnings go, this one was quite modest. Jaitley set aside all of ₹75 crore for the first year of the scheme, later christened Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India, or FAME. In the first phase that ended on March 31, 2019, a total of ₹895 crore was spent.
And that's when the Centre decided to raise the stakes. For the second phase, FAME II, the outlay was increased to ₹10,000 crore. It proved popular, and the government hiked the demand incentive for electric two-wheelers to ₹15,000 per kilowatt hour (kWh) of battery or up to 40 percent of the cost of an electric scooter, up from ₹10,000 per kWh. The idea was simple: The government would provide incentives to buyers in the form of an upfront reduction in the purchasing price of EVs. Till the end of December 2022, a total of 743,000 electric vehicles were incentivised, and 2,877 EV charging stations were approved under the FAME II scheme.
But this smooth ride hit a rough patch some months ago after the government received emails and letters from a whistle-blower claiming that certain EV makers were not complying with the localisation norms that were part of the scheme. An investigation was ordered by the Ministry of Heavy Industries (MHI) and violations were found. This soured the mood and put into question the extension of the scheme beyond 2024, when the current one ends.
In the immediate aftermath of the investigation, the MHI reduced the 40 percent maximum incentive cap to 15 percent for electric twowheelers (not three-wheelers and buses). It also lowered the demand incentive from ₹15,000 per kWh of battery to ₹10,000 per kWh. These amendments came into effect from June 1, 2023.
Bu hikaye Business Today India dergisinin August 06, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin August 06, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
