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Several factors have contributed to the steady progress seen in India's manufacturing sector in recent years, but key issues must be addressed for more rapid expansion and higher quality growth.
Ola Electric’s month-on-month sales have come down by 34.8% to 33,000 units while the sales of other EV players have dropped significantly in the same period by an average of 60-70%.
The Heavy Industries Ministry had alleged subsidies under the FAME II Scheme were misused, demanding a total of Rs 249 crore from Okinawa Autotech (Rs 116 crore) and Hero Electric (Rs 133 crore) for alleged breaches of PMP norms that discourage use of imported parts in making electric vehicles.
India initiated the Electric Mobility Promotion Scheme 2024 to advance the adoption of electric vehicles. With a focus on boosting domestic manufacturing and enhancing the EV supply chain, the scheme aims to support 3,72,215 EVs by July 31, 2024.
Under the Electric Mobility Promotion Scheme 2024, significant incentives under the budget of Rs 500 Crore, are offered for electric two-wheelers and three-wheelers, to boost the adoption of green vehicles.