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The Heavy Industry Ministry said the policy certainty that the tax reform ushers in encourages fresh investments in automobile sector promoting Make In India and manufacturing sector, apart from increased replacement of old vehicles, thus supporting cleaner mobility.
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In a first, the upcoming guidelines will also include some incentives for downstream EV charging infrastructure such as EV charging guns or connectors, which deliver electricity from the charging station to the vehicle.
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As many as 87,659 electric vehicles and 6,265 electric buses have been incentivised under the second phase of FAME India, the country's flagship scheme for faster adoption of electric vehicles till now, the government has told Parliament.
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"The biggest challenge for the auto sector today is related with environment. Under the scheme, the government has decided to invest Rs 14,000 crore. Due to this investment, we would be able to save fuel worth about Rs 60,000 crore. This means, definitely it will help in controlling pollution also," the minister said at the SIAM convention here.
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The policy envisages increasing exports to 40 percent of production, from the current 27 percent, while increasing the share of domestic production in India's demand to 80 percent from 60 percent, potentially making India a net exporter of capital goods.
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Endorsing Suzuki Motor Corporation Chairman and CEO Osamu Suzuki's view that India could become leading auto component player in the world, Geete said he had full faith that the Indian components industry would indeed become the number one player in the world.
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The decision comes exactly a year after the Tamil Nadu government announced an end to power-cuts for low-tension power-consumers in June 2014.
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Noting that Air India has seen a marked improvement in its on-time performance, which is being monitored by the Civil Aviation Ministry on a day-to-day basis in the last few weeks, highly-placed sources said that the reason for flight delays like shortage of flight and cabin crew is being addressed by the management.
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Liu Li Gang, chief China economist at ANZ , who expects this month`s PMI to come in at 51.3, a tad lower than the 18-month high of 51.7 recorded in July, says like it or not, the PMIs will continue to move Chinese markets in a way few other indicators can.
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"I think the last three years, somewhere we have lost the direction on this count and that has costed the country dearly and that has costed us politically," he added.
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In an interview to CNBC-TV18, Sutanu Behuria, Secretary, Department of Heavy Industries and MS Unnikrishnan, MD, Thermax spoke about capital goods sector.
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Foreign exchange earnings through automobile exports have declined by 6.2 percent to USD 1.81 billion during April-May 2013-14 compared to the same period in the previous fiscal, Parliament was informed today.
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Avantha Group Company CG, is pleased to announce the release of its new brake motor called "Kibosh".
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Reeling under the most protracted slowdown in 10 years, the auto industry has sent an SOS to the government. CNBC-TV18 learns from sources that in a letter to the heavy industries minister, industry body SIAM has sought excise duty to be cut by one-third across products to revive growth. Reports CNBC-TV18‘s Ronojoy Banerjee.
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As many as 172 officials working with different central government departments have been advised penalty by the Central Vigilance Commission for their alleged involvement in corrupt practices.
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The MSME Ministry plans to set up a task force to help micro and small enterprises take advantage of the new procurement policy being framed by the government.
