Centre probes possible misappropriation of incentives by EV makers
The Hindu
‘Hero Electric Vehicles, Greaves Electric Mobility among 12 firms under lens’
India is investigating the possible misappropriation of incentives given to electric vehicle (EV) makers under a ₹100 billion ($1.21 billion) programme to promote their faster adoption, the Minister for Heavy Industries told Parliament on Tuesday.
Complaints were made against 12 electric vehicle and parts manufacturers, including Hero Electric Vehicles Pvt Ltd. and Okinawa Autotech Pvt. Ltd., for violating guidelines under the programme, Mahendra Nath Pandey, the Minister for Heavy Industries, said.
Other companies were Benling India Energy and Technology Pvt. Ltd., Okaya Ev Pvt. Ltd., Jitendra New Ev Tech Pvt. Ltd., Greaves Electric Mobility Pvt. Ltd., Revolt Intellicorp Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Avon Cycles Ltd., Lohia Auto Industries, Thukral Electric Bikes Pvt. Ltd. and Victory Electric Vehicles International Pvt. Ltd.
None of the companies responded immediately to a Reuters request for comment.
Mr. Pandey said all complaints were being re-verified by agencies, while two EV makers had been suspended from taking incentives under the scheme after examination of complaints. He did not name the two companies.
India wants to grow its electric car market from 1% of total car sales, of about 3 million a year, to 30% by 2030.
To achieve that, the government is reimbursing EV and hybrid vehicle makers for reducing the purchase price of their vehicles under the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) programme.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.
Air India CEO warns of potential flight cuts and reduced travel demand due to rising fuel costs amid ongoing Gulf conflict.
Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
India achieves 1 billion tonne coal production for the second consecutive year, ensuring stable energy supply and economic growth.
Generic drugmakers in India launch affordable Semaglutide versions, targeting a $1 billion diabetes and weight loss market.