Subsidies

WTO's long-awaited global agreement to curb overfishing takes effect

A World Trade Organisation agreement aimed at reducing overfishing took effect Monday, requiring countries to reduce subsidies doled out to fishing fleets and aiming to ensure sustainability of wildlife in the world's seas and oceans. Following a string of national approvals more than three years after its adoption, the WTO Agreement on Fisheries Subsidies is designed to help limit the depletion of fish stocks caused by excessive fishing. The Geneva-based trade body touts the deal as its first focusing on the environment, and the first broad and binding multilateral agreement on ocean sustainability. The deal, championed by WTO Director-General Ngozi Okonjo-Iweala, formally took effect on Monday after four more countries Brazil, Kenya, Tonga and Vietnam adopted it. The approvals mean 112 countries are on board, clearing by one country the requirement that at least two-thirds of WTO's 166 members give formal acceptance. China, the United States, and the European Union's 27-member

Delhi HC directs govt to clear pending EV subsidies, raps delay in payments

The Delhi High Court has ordered the government to quickly release pending EV subsidies; buyers have been waiting as procedural delays held back over ₹48 crore in payments

Trump wants Musk's firms to thrive in US, says he won't pull subsidies

Musk's SpaceX had been considered a frontrunner to build out Trump's $175 billion Golden Dome missile defense shield and remains a natural choice for key elements of the project

States show high per capita for growth, term 75% as BPL for subsidies: SC

The Supreme Court on Wednesday said states showed a high per capita growth when asked to highlight the development index but claimed 75 per cent of their population was below poverty line when it came to subsidies. A bench of Justices Surya Kant and N Kotiswar Singh said the benefit of subsidies should reach the genuine beneficiaries. "Our concern is that are benefits meant for the genuinely poor persons percolating to those pockets who do not deserve it? Ration card has become a popularity card now," said Justice Surya Kant. The judge went on, "These states just say we have issued these many cards. There are some states who when they have to show their development they say our per capita income is growing. And then when we talk of BPL, they say 75 percent of the population is BPL. How can these facts be reconciled? The conflict is inherent. We have to ensure that benefits reach the genuine beneficiaries." The hearing related to a suo motu case initiated during the COVID19 pandemic

Union Budget 2025: Freebies and subsidies, their impact on government finances

As India anticipates the unveiling of this year’s Union Budget, a key question dominates public discourse: will Modi 3.0’s second Budget prioritize populism over prudence or vice versa?

US commerce dept finalises $6.1 billion Micron chipmaking subsidy

The funding will support Micron's long-term plan to invest around $100 billion in manufacturing in New York and $25 billion in Idaho

FAME-II violations: SFIO conducts search operations at 3 companies

Hero Electric, Benling India, Okinawa Autotech alleged to have wrongfully claimed Rs 297 cr subsidies

Fiscal burden of subsidies triggers political debate, rethink on freebies

Political parties routinely make pre-poll promises of subsidies and freebies, but the fiscal burden of such guarantees weighs heavily on state budgets once in power

Govt's subsidised onion sale brings relief, prices drop in major cities

The government's subsidised onion sale initiative, launched on September 5, has led to price drops in major cities within days, the consumer affairs ministry said on Saturday. In Delhi, retail onion price fell from Rs 60 to Rs 55 per kg, while Mumbai saw a decrease from Rs 61 to Rs 56 per kg. In Chennai, the retail price reduced from Rs 65 to Rs 58 per kg, the ministry said in a statement. The government initiated the sale of onions at a subsidised rate of Rs 35 per kg through mobile vans and outlets of NCCF and NAFED. The program, which began in Delhi and Mumbai, has since expanded to other major cities including Chennai, Kolkata, Patna, Ranchi, Bhubaneswar, and Guwahati. Responding to the growing demand, the government has decided to increase the quantity of subsidised onion and expand distribution channels to include e-commerce platforms, Kendriya Bhandar outlets, and Mother Dairy's SAFAL stores. The government has also initiated wholesale disposal of onion in major cities. It

Performance of regulatory bodies, railway subsidies under PAC scanner

Amid a political storm over allegations of conflict of interest against SEBI chairperson Madhabi Buch, the Parliament's Public Accounts Committee has decided to review the performance of regulatory bodies established by Acts of Parliament. The Public Accounts Committee (PAC), chaired by Congress leader and Lok Sabha member K C Venugopal, decided to include suo-moto subjects -- performance review of regulatory bodies established by Acts of Parliament, reforms in banking and insurance sector, review of implementation of centrally sponsored welfare schemes -- as part of its agenda that includes a total of 161 subjects. Buch is facing allegations of conflict of interest over the Securities and Exchange Board of India (SEBI) investigation into the Hindenburg Research claims against the Adani Group. The Congress has questioned payments made to Buch made by ICICI Bank, her former employer, after she became a whole time member of SEBI, and sought an independent probe into the matter. The

Substantial subsidies for electric vehicles are no longer required: Gadkari

At the BNEF Summit, Union Minister Nitin Gadkari highlighted the lower GST rates on electric vehicles compared to those on petrol and diesel vehicles

Containing subsidies: Why states must reassess and rationalise expenditure

Doing so, especially given their constrained fiscal space, would help states ensure the subsidies are better aligned with their intended objectives and public funds are used more efficiently

EU announces investigation into Chinese subsidies for electric vehicles

The European Union (EU) is launching an investigation into subsidies that China provides to electric vehicle makers, the head of the bloc's executive branch said Wednesday, as concern grows that the aid is harming European companies. Global markets are now flooded with cheaper Chinese electric cars, and their price is kept artificially low by huge state subsidies. This is distorting our market, European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France. As we do not accept this distortion from the inside in our market, we do not accept this from the outside, von der Leyen said. So, I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China. China's leaders have helped make the country the biggest market for electric vehicles by investing billions of dollars in subsidies to get an early lead in what is seen as a promising industry. Global automakers face growing competition in their hom

Budget 2024: Boost for women through subsidies, health initiatives expected

During her Interim Budget 2024 speech this February, the Finance Minister had highlighted significant achievements and ongoing efforts for women empowerment

Budget 2024: Subsidies likely to remain same, rural funding may rise

The Budget is anticipated to be unveiled in the third week of July. The NDA 3.0 administration might strengthen specific welfare-oriented schemes, prioritising fiscal prudence

Subsidies on power, water, bus fare to stay, says Delhi LG Saxena

Lieutenant Governor VK Saxena on Saturday said the ongoing electricity, water and bus fare subsidies will continue in Delhi and people need not pay attention to "rumours" spread by "vested political interests". According to a press statement issued by the Raj Niwas here, rumours are being propagated that the central government and the lieutenant governor would stop the subsidy schemes. Saxena has taken serious note of "patently false and deliberately misleading" statements by members of a particular political party and its ministers that the schemes and subsidies pertaining to "free" electricity, water and bus rides for women will be stopped since Chief Minister Arvind Kejriwal is in jail, the statement said. No immediate reaction was available from the ruling Aam Aadmi Party (AAP) or its government in Delhi. The statement said that Saxena has assured the people of Delhi that none of the subsidy schemes benefitting the poor would be discontinued and appealed to them to not pay heed

FAME II not getting extension is setback for industry: Switch Mobility CEO

Switch Mobility, the electric vehicle arm of commercial vehicle major Ashok Leyland, recently obtained its FAME II certificate, and the scheme is ending for them on March 31

India's Q3 GDP growth boosted by sharp fall in key subsidies: Report

Government data showed fertiliser subsidies in the October-December quarter declined by nearly 70% to 307 billion rupees ($3.7 billion) from the same period a year ago

FAME II EV subsidies till March-end or until funds are available: Govt

Subsidies under the second phase of FAME Scheme will be eligible for e-vehicles sold till March 31, 2024 or till the time funds are available, whichever is earlier, the government said on Friday. To give a further push to clean mobility in the country, the Ministry of Heavy Industries has announced that the outlay of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme has been enhanced from Rs 10,000 crore to Rs 11,500 crore, an official statement said. The heavy industries ministry said in the statement that the second phase of its flagship scheme to promote adoption of EVs in India -- FAME II -- was "fund- and term-limited". "It is hereby informed that the scheme is fund and term limited scheme i.e. the subsidies for demand incentive will be eligible for e-2w, e-3w and e-4w sold till March 31, 2024 or till the time funds are available, whichever is earlier," it added. As per the revised outlay, electric two-wheelers, electric three-wheelers, an

US to announce billions in subsidies for advanced chips, says report

Among the likely recipients of the subsidies, Intel has projects underway in Arizona, Ohio, New Mexico, and Oregon that will cost more than $43.5 billion, the paper said