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Heavy Industries Ministry: The second phase of FAME-II or Faster Adoption and Manufacturing of Electric Vehicles in India programme ends on March 31, 2024. Announcing E-Mobility Promotion Scheme 2024 (EMPS 2024), Heavy Industries Minister Mahendra Nath Pandey said the Modi government is committed to promoting e-mobility in the country.

Haneef Qureshi On EV Growth: Qureshi, addressing a Symposium at the International Automotive Technology (SIAT), projected the next seven years as very important for the Indian automotive industry, especially for electric vehicles. With the PLI scheme at its core, Indias automotive revolution is poised for accelerated growth, transforming the nation into a global leader in high technology and sustainable mobility.

Ather Energy: "Despite this resilience, such a scenario would still result in one or two more years of stagnated growth, pushing the industry further away from its targets," the CEO of the electric two-wheeler firm said in a statement.

Greaves Electric Mobility, formerly known as Ampere Electric Vehicles, has offered to refund the subsidy it received under the FAME India scheme. The company is one of seven electric two-wheeler makers accused of selling vehicles without meeting localisation requirements. Greaves plans to repay around ₹124.91 crore, making it the second company to offer a refund.

FAME-II Scheme: With the restructuring, it is also considering seeking an additional INR 1,500 crore as support from the finance ministry. Fund allotment shall be increased for the two-wheelers and reduced for three wheelers. Similarly, allotment will be slightly higher for four wheelers, but will be less for buses than the present level.

Currently, the dependence on foreign imports for lithium-ion batteries is a roadblock to delivering cost-efficient EVs to Indian customers. However, falling lithium prices and the discovery of lithium reserves in India have provided hope for lower costs and potential local sourcing. This, along with government initiatives to achieve self-reliance in battery manufacturing, is expected to lower EV costs, reduce import dependency, and make EVs more affordable in India.

Iemc: The scheme, which also provides incentives for setting up battery charging stations in the country, is likely to end in March next year.

Although electric vehicles are expensive to buy, purchasing them can make you claim tax benefits not just from GST but income tax as well.