Subsidies Reinstated for Compliant EV Manufacturers
ECONOMY & POLICY

Subsidies Reinstated for Compliant EV Manufacturers

The Indian government has resumed granting subsidies under the Electric Mobility Promotion Scheme (EMPS) 2024, benefiting companies such as Revolt Motors and Greaves Electric Mobility. These firms, after repaying penalties for previous non-compliance with the FAME India scheme rules, are now set to receive financial support for their electric two-wheelers.

The Ministry of Heavy Industries has increased the EMPS's budget to INR 778 crore (approximately $97.25 million) to support the sale of 561,000 electric vehicles, aiming to boost India?s green mobility push. This revision came after recovering a total of INR 469 crore ($58.63 million) in fines from six EV manufacturers for violating the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) guidelines.

Revolt Motors and Greaves have collectively returned about INR 170 crore ($21.25 million) to the government, now clearing the path to avail EMPS subsidies, potentially lowering their product prices. Other manufacturers, including Hero Electric and Okinawa Autotech, have challenged the penalties in court.

The government's broader ambition is visible in its progressive policies since 2015, starting with the original FAME scheme which had a budget of INR 895 crore ($111.88 million). With FAME II, introduced in 2019, the commitment expanded to INR 10,000 crore ($1.25 billion), significantly bolstering the sale of electric vehicles, particularly two-wheelers and three-wheelers, in India.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

The Indian government has resumed granting subsidies under the Electric Mobility Promotion Scheme (EMPS) 2024, benefiting companies such as Revolt Motors and Greaves Electric Mobility. These firms, after repaying penalties for previous non-compliance with the FAME India scheme rules, are now set to receive financial support for their electric two-wheelers. The Ministry of Heavy Industries has increased the EMPS's budget to INR 778 crore (approximately $97.25 million) to support the sale of 561,000 electric vehicles, aiming to boost India?s green mobility push. This revision came after recovering a total of INR 469 crore ($58.63 million) in fines from six EV manufacturers for violating the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) guidelines. Revolt Motors and Greaves have collectively returned about INR 170 crore ($21.25 million) to the government, now clearing the path to avail EMPS subsidies, potentially lowering their product prices. Other manufacturers, including Hero Electric and Okinawa Autotech, have challenged the penalties in court. The government's broader ambition is visible in its progressive policies since 2015, starting with the original FAME scheme which had a budget of INR 895 crore ($111.88 million). With FAME II, introduced in 2019, the commitment expanded to INR 10,000 crore ($1.25 billion), significantly bolstering the sale of electric vehicles, particularly two-wheelers and three-wheelers, in India.

Next Story
Infrastructure Energy

Gujarat Powers Ahead with Solar Energy

Gujarat is emerging as a leader in India’s solar energy sector, with an installed capacity of 14.7 GW, making it the second-highest solar capacity state in the country. The state's total renewable energy capacity stands at 27.8 GW, and ambitious plans aim to add 31.9 GW of solar-wind hybrid projects. These details were shared by Arun Mahesh Babu, Managing Director of Uttar Gujarat Vij Company Limited (UGVCL) and Gujarat Power Corporation Limited (GPCL). Babu highlighted Gujarat’s solar and wind energy projects, which are instrumental in helping India meet its national target of 500 GW of ..

Next Story
Infrastructure Energy

UK Shuts Last Coal Plant as India Maintains Coal in Energy Mix

As the UK officially closed its last coal power plant signaling its exit from coal-based energy, policy experts in India emphasized that coal will remain part of India's energy mix for the foreseeable future. While developed nations like the UK are moving towards coal-free energy systems by 2040, India faces unique challenges as a developing country with substantial energy demands. The UK's closure of its last coal plant marks a significant moment in energy history, as the country had been one of the pioneers of coal power since 1882. According to global energy think tank Ember, more than a th..

Next Story
Infrastructure Urban

NCLAT Clears Supertech to Resume Work on Doon Square in Dehradun

The National Company Law Appellate Tribunal (NCLAT) has granted approval for Supertech to resume construction of its Doon Square project in Dehradun. This decision follows the submission by Supertech that the lender, co-developer, and homebuyers had all accepted its proposal to complete the stalled project. The approval paves the way for the project’s completion within 515 days, or just over one year and four months. Out of the 750 planned units, only 150 studio apartments have been delivered, with the remaining awaiting completion. Supertech’s proposal, submitted to NCLAT, was accepted by..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000