Page 2 - Subsidies

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

Railways gave Rs 59K cr subsidy on passenger tickets in 2019-20: Vaishnaw

The Indian Railways offered a subsidy of Rs 59,837 crore on passenger tickets in 2019-20 and the concession still continues, Railway Minister Ashwini Vaishnaw said in a written reply in the Lok Sabha on Wednesday. Vaishnaw shared the information in response to a question by Congress MP Anto Antony from Kerala regarding restoring pre-Covid concessions for different categories of railway passengers. "The Indian Railways always strives to provide affordable services to all strata of the society and gave a subsidy of Rs 59,837 crore on passenger tickets in 2019-20," the minister said. "This amounts to a concession of 53 per cent on an average to every person travelling on Railways. This subsidy is continuing for all passengers," he said. According to Vaishnaw, concessions beyond this subsidy amount are continuing for many categories like four categories of Persons with Disabilities (Divyangjans), 11 categories of patients and eight categories of students. About 18 lakh patients and the

India's subsidies may cost the govt Rs 50,000 cr more than its FY24 Budget

The subsidy outgo for FY24 was planned at Rs 4.03 trillion, but it could rise up to Rs 4.53 trillion

FAME-II subsidy violation: Hero Electric opposes Rs 130 cr refund demand

In a meeting with officials of the DHI, the company has said the period for which the government is demanding a refund of subsidies of Rs 130 crore does not apply to it

Cheap cash to tax breaks: Here's how China subsidises its EV sector

Essentially, subsidies and support for any industry in China are usually a mix of payments and benefits at local, provincial and national levels

States use off-Budget borrowing to foot power subsidy bills: CSEP

According to the report, the aggregate loss of 68 discoms increased by 66 per cent to Rs 50,281 crore in FY21

SMEV seeks clarity from Heavy Industries Ministry over refund of subsidies

Electric two-wheeler makers body SMEV on Friday sought clarifications from the Ministry of Heavy Industries about its claim for refund of subsidies from some OEMs who did not comply with phased manufacturing programme (PMP) norms. Pointing out that the basis for refund would only mean that the processing of subsidies and the official reimbursement was done faultily, it has asked for the ministry (MHI) to clarify if it intends to thus cancel all subsidy claims during this period for all OEMs (Original Equipment Manufacturers), SMEV said in a letter to Heavy Industries Secretary Kamran Rizvi. The letter also sought the legal basis for the refund amounts since they do not conform to any stated mechanism in the rules. SMEV had earlier offered a solution to the issue through recovery from customers directly which would have cleaned off the subsidy slate completely. "The Ministry is in debt to OEMs to the tune of Rs 1,200 crore. If their demand for refund of earlier paid subsidies to the

Subsidies should be cut gradually: Hero Electric MD Naveen Munjal

In June, electric two-wheeler sales decreased in India by 56.3 per cent month-on-month (m-o-m) to 45,806 units, primarily due to the aforementioned price hikes

Betting big: Global subsidy race puts a spanner in India semicon works

But other countries are also ramping up their chip manufacturing plans

Big money rushes into carbon capture and storage. Can it deliver this time?

But after decades of failing to reach the scale needed to make a real difference, the people responsible for approving generous subsidies and directing billions in investment want proof

Not in receipt of Centre's notice for subsidy recovery: Okinawa Autotech

Okinawa and Hero Electric have been in the eye of the storm

EV industry body seeks Parl's intervention in release of pending subsidies

Electric vehicle industry body SMEV on Tuesday appealed to a parliamentary panel to direct the government to release the pending subsidy of Rs 1,200 crore earmarked for the liquidity-hit sector. In a petition to the Parliamentary Standing Committees on Industry and Estimates, the Society of Manufacturers of Electric Vehicles (SMEV) stated that EV adoption is slowing down due to the financial stress being faced by the industry. The industry body said the EV segment has been besieged by irritants designed to disturb the momentum of the FAME 2 scheme. "Now that the country is almost ready with the entire supply chain, the only thing holding up the sector is the Rs 1,200 crore worth of subsidies that have been withheld leading to a serious liquidity crisis in the industry," it said. The need of the hour is for the government and the industry to work together to resolve issues and put India back on track to meet its electric mobility targets, the petition said. In December last year, U

Compliant with localisation norms under FAME II: Okinawa MD Sharma

Co submitted requisite documents; awaiting meeting with MHI; at an industry level subsidy worth Rs 1,500 cr held up

Domestic gas cylinder prices up by 56% in 4 years; hefty drop in subsidy

The retail selling price (RSP) of a domestic LPG cylinder (14.2 Kg) on April 1, 2019 was Rs 706.50 which increased to Rs 744 in 2020, Rs 809 in 2021 and Rs 949.50 in 2022

Centre planning to introduce measures to bring down fertiliser subsidy

Centre's focus is to bring down the cost of gas which is a key component for production of urea. Information from official sources indicated that bids, some of which stood at more than $30

Fiscal deficit target for FY24 to be kept at 5.8-5.9% in Budget: Report

The fiscal deficit is expected to remain much larger than the 4-4.5 per cent of the GDP that was usual for decades