Sudhendu Sinha: "We re focusing on exporting EVs and batteries. Our goal, as outlined in our economic survey, is to produce close to 10 million vehicle units annually by 2030, potentially creating 50 million jobs," said Sinha.
The Ministry of Heavy Industries (MoHI) plans to increase funding for electric two-wheelers in the FAME-II scheme by 165%. The ministry is seeking an additional INR 1,500 crore in support as funds for the second phase are likely to be exhausted before March 2024 due to strong electric vehicle sales. The proposal includes increasing allocation for e-two-wheelers by 165.5% and reducing it for electric three-wheelers by 60%.
FAME II: The heavy industries ministry was allotted INR 5,127 crore for the current fiscal year - the highest allocation since the INR 10,000-crore scheme was launched in 2019.
The ministry of heavy industries is expected to request an additional ₹1,500-1,700 crore for the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme due to high demand for electric vehicles (EVs). The funds allocated for the second phase of the scheme are likely to be exhausted before March 2024.
Two-wheeler Segment: According to Ather Energy Chief Business Officer Ravneet S Phokela, policy predictability is required to establish investment plans for increasing electric mobility in the two-wheeler category. The company, in which Hero MotoCorp has a large stake, wants to electrify the domestic two-wheeler industry completely by 2030, even as it prepares to begin exporting to an India-like market in the near future.