INDUSTRIAL SUBSIDIES
PLI scheme only kickstarter not permanent: Piyush Goyal
Commerce Minister Piyush Goyal emphasizes that the PLI scheme for drone components is meant to kickstart the sector, not provide permanent subsidies. He encouraged industry to focus on growth without depending on government support. Goyal highlighted India's stock market boom and global trade engagement.
Budget 2024 may see Modi govt hiking rural housing subsidy by 50% following Lok Sabha disappointment
India plans a substantial increase in rural housing subsidies in the upcoming federal budget, potentially exceeding $6.5 billion, up by 50% from the previous year. This initiative aims to address rural economic distress and boost infrastructure spending including village roads and job programs, amid challenges in the agriculture sector and recent electoral setbacks for Prime Minister Narendra Modi's party.
What's draining the juice out of electric two-wheeler makers' battery
Sales of e2Ws plummet due to policy inconsistencies, supply chain issues with Chinese suppliers, and expectations for FAME III rollout, impacting top manufacturers like Hero Electric, Okinawa, and Ampere.
EV companies seek stability in incentives ahead of FAME-III rollout
The comparison between FAME-II and EMPS subsidies is crucial, as highlighted by a report from the Federation of Automobile Dealers Associations, emphasizing the importance of stable subsidy regimes for the EV industry's growth.
Budget 2024: MSME ministry seeks additional ₹5,000 crore for job generation scheme
Budget 2024: The government subsidizes a percentage of the loan amount for self-employment ventures, with applicants required to contribute towards the project cost. Despite the high demand, the budget allocation for PMEGP in the current year is lower than the revised estimates for the previous year.
India needs to build its own EV paradigm, products, and core technology in the EV stack: Bhavish Aggarwal, Ola
This is the start of the EV penetration. India is the world's largest two-wheeler market. 20 million two-wheelers are sold a year. Over time, EV penetration will grow to a much larger percentage in the overall industry and there is no single company that can achieve that full transition, says Bhavish Aggarwal,
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Retrofitting of inter-city diesel buses can generate over 50,000 jobs
Dr. Charan Singh and Davinder Sandhu emphasize the economic and environmental benefits of retrofitting. It offers a pragmatic solution for sustainable urban transport, driving economic revitalization and environmental improvements. Retrofitting leverages existing infrastructure while transitioning towards cleaner mobility, showcasing tangible progress in achieving sustainability goals.
DGTR for continuation of anti-subsidy duty on certain type of steel pipes, tubes from China, Vietnam
The Directorate General of Trade Remedies (DGTR) has recommended the extension of countervailing duties on welded stainless steel pipes and tubes from China and Vietnam to protect domestic players, citing the risk of harm to the local industry if the duty is lifted, proposing a duty of up to 29.88%.
China says escalation by EU over EV imports could trigger 'trade war'
Last week, the European Commission proposed tariffs of up to 38.1% on electric vehicle imports from China despite Beijing's protest, plunging trade ties to a new low and risking punitive retaliatory action. "The European side continues to escalate trade frictions and could trigger a 'trade war'," a statement attributed to the commerce ministry's spokesperson said. "The responsibility lies entirely with the European side."
Budget wishlist from agriculture & MSMEs stakeholders: Sops, infra push, easy loans and PLI schemes
Stakeholders from the agricultural sector and MSMEs provided key suggestions to Finance Minister Nirmala Sitharaman during pre-budget consultations. Suggestions included rationalizing fertilizer subsidies, boosting agricultural infrastructure investment, and implementing employee-centric production-linked incentive schemes.
The secret behind Chinese EV industry's rise: $231 billion in 15 years
China's EV industry received $231 billion in government subsidies and aid from 2009 to 2022. Support per vehicle decreased, with sales tax exemptions being over half the total. Research suggests EU and US tariff responses. EV quality is improving, challenging global automakers.
EU electric car sales drop in May as German demand slumps, industry says
Sales of new battery-electric cars in the EU dropped 12% in May, led by a 30% plunge in Germany. The EU imposed provisional duties on China-made EVs, affecting Tesla's Model 3 price. Elon Musk's company recorded a 34.2% drop in May sales.
Cost of FAME 3: Meet local sourcing norms or face penalty
Companies certifying vehicles for subsidies under FAME 3 - scheduled to be announced in the upcoming budget - will have to undergo a techno-commercial audit twice a year to ascertain they are meeting localisation guidelines. If they come up short, they will have to pay penalties.
Karnataka ready to offer 20% subsidy for semiconductor investments, says minister, seeks Centre's support
Karnataka is prepared to offer 20% subsidy support for investments in semiconductor projects if the Centre provides 50% equity support, as stated by state's industry & infrastructure minister MB Patil.
Digital advances and subsidies propel the state’s thriving MSME sector, says Shashi Panja, Minister of Industries, West Bengal
At the ET Make in India SME summit’s Kolkata edition, Shashi Panja highlighted the various policies adopted by the TMC government to support MSMEs, including bank interest subsidies, setting up cooperatives and clusters, and offering credit cards for MSME entrepreneurs.
Bajaj Chetak 2901 launched in India under Rs 1 lakh. Check price, features
Bajaj Auto has recently unveiled the latest addition to its electric scooter range, the Chetak 2901. Priced at INR 95,998 (ex-showroom, Bangalore), this model comes in five vibrant colors: Red, White, Black, Lime Yellow, and Azure Blue. The Chetak 2901 is equipped with a sturdy metal body and advanced technological features, making it a standout in the electric scooter market.
Dutch may pay as much as €3 billion to clean up Tata Steel plant
The Netherlands is considering contributing up to €3 billion for the eco-friendly renovation of Tata Steel Ltd.'s IJmuiden factory, addressing severe health and environmental issues. The Dutch parliament approved subsidies for the renovation. Tata Steel, a major employer, has faced criticism for emissions linked to health problems. Discussions with Tata Steel are ongoing, with the subsidy amount yet to be confirmed.
Will finally all the hard work yield results in Modi 3.0? 7 fertilizer stocks with 4 having ‘buy’ reco and upside upside potential of up to 22%
Few months back when it was announced that the fertilizer subsidy bill was seen as lower than expected, the street reacted negatively. The assumption is that if the fertilizer subsidy is going to come down then it is bad for the sector. Now there is another way to look at it, a government which has been ensuring that agriculture gets the right amount of attention and doing the various policy pushes, then why is the overall projected subsidy bill down? Probably, it may be because the government is expecting that policy actions which it has taken over the years will yield results and some of the other non-financial efforts which it will take in the sector will help reduce the bill without having an adverse effect on any stakeholders. Now unlike other sectors like railways where putting more money or making few policy changes has helped the sector, fertilizer is a more complex sector and is bound to take more time for getting the house in order. But then who says that transition for good is painless.
Hero Electric, Okinawa, Benling could be blacklisted from all govt schemes, say officials
Three electric vehicle makers, Hero Electric, Okinawa, and Benling India, face blacklisting from central schemes for not returning wrongly claimed benefits under the government's FAME-II scheme due to violations of local sourcing requirements by OEMs in 2022.
A new trade war offers no easy way back for old global order
The US-China trade war has intensified with the use of tariffs and subsidies, impacting Europe and China. US Treasury Secretary Janet Yellen has warned of global business risks.
Support to three EV 2-wheeler makers may be restored
The government after an initial probe into violation of vehicle localisation norms mandated under the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME India) scheme issued notices for recovery of ₹469 crore subsidy distributed to these companies for sales made between 2020 to 2023.
Companies knowingly violated FAME subsidy scheme, finds panel
The report, submitted by the panel earlier this month, counters findings of an earlier probe by a joint secretary in the Ministry of Heavy Industries (MHI) that said some key terms in the FAME were not clearly defined.
Government working to help exporters deal with countervailing duty cases
The government is developing a verification system for exporters under the RODTEP scheme to ensure compliance with countervailing duties. This system will involve a joint mechanism with DGFT, DGTR, and DoR officials to check subsidy allegations on Indian products.
Govt keeping top EV makers accused of FAME subsidy misappropriation out of the new scheme: Report
EV makers face subsidy dispute. EMPS 2024 offers Rs 10,000 per two-wheeler. TVS Motor and Ather show notable sales growth in FY24, while electric vehicle manufacturers experience production decrease amid subsidy conflict.
Serum Institute of India challenges tax amendment in SC; claims capital subsidies as non-taxable
Vaccine manufacturer Serum Institute of India (SSI) has filed a challenge to the Supreme Court against a 2016 amendment to the Income Tax Act that made subsidies, grants, waivers, concessions, or reimbursements by the Centre or states or incentives in cash or kind as taxable. The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable "income". The case was filed under the Package Scheme of Incentives-2013, which provided various incentives to major industries for five years.
Our focus is to be well-positioned and respond quickly to market changes: Rakesh Sharma, Bajaj Auto
So, I think there are a multitude of global factors which are driving the up and down of the cell cost. So, it is very-very difficult to predict. In addition to that, you also have alternate technologies like sodium or hydrogen cells which are on the horizon when you take a period like five-six years, they would probably be getting commercialized in that time horizon.
US senators object to wheat, rice subsidies in India; USTR says market access to India has improved
India has opened up its market to the American farming industry in as many as 12 different categories, a top Biden administration trade official told lawmakers on Wednesday. However, Senator Ron Wyden raised concerns about India's wheat subsidies distorting prices and hurting American farmers. He stressed the importance of enforcing trade rules to protect American workers and businesses.
EV industry needs to learn to live without FAME subsidies: Exponent Energy CEO
Exponent Energy CEO Arun Vinayak told ET that interoperability in charging infrastructure is good, but standardisation is bad.
Janet Yellen warns China industrial subsidies pose risk to world economy
Yellen arrived in the southern city of Guangzhou on Thursday for several days of talks with Chinese officials on her second visit to the world's second-largest economy in less than a year.
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