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There is a need to relax criteria for India's PLI scheme for automobiles to enable electric vehicle start-ups to benefit and contribute to the country's green mobility journey, according to Euler Motors Founder & CEO Saurav Kumar. The high ceiling for revenue and investments outlined in the PLI for the auto sector has meant that a company like Euler Motors, despite being among the top players in the electric small trucks and three-wheeler cargo segment, has not been able to participate in the scheme, Kumar told PTI in an interview. As per the eligibility criteria of the auto PLI scheme, an OEM must have a minimum global group revenue of Rs 10,000 crore and invest in fixed assets worth Rs 3,000 crore. "That unfortunately did not incentivise start-ups like us who are equally investing in this space and pushing the technology and R&D at the forefront," he lamented. In terms of products, Euler Motors has both electric four-wheeler and three-wheeler commercial cargo vehicles, which
The Cabinet has approved the second tranche of the Startup India Fund of Funds Scheme with a corpus of Rs 10,000 crore, Union Minister Ashwini Vaishnaw said on Saturday. The key focus would be on deep tech startups, early growth stage startups through smaller funds, tech-driven innovative manufacturing startups, and sector/stage agnostic startups, he added. There will be operational flexibilities, including higher government contribution in AlFs (alternative investment funds) funding deep tech and high-tech manufacturing, the minister said. The Union Cabinet approved the scheme in a meeting on Friday. The fund will encourage the long-term investing culture and patient capital. The government in 2016 had constituted a Fund of Funds worth Rs 10,000 crore to provide seed capital and enable startups take calculated risks. Following the successful utilisation of the first tranche, a second phase of Rs 10,000 crore was sanctioned in the Union Budget for 2025-26. So far, over 2 lakh en