POWER

Government extends deadline for EV components localisation by six months

The department of heavy industries on Tuesday extended the deadline for the localisation of several components under its phased manufacturing programme (PMP) for electric vehicles (EV) from October 1 to April 1 next year, offering a breather to the industry. Compliance with the PMP is a condition for availing subsidies.

The move is expected to help the fledgling EV industry as the localisation plans of several companies were derailed due to the disruption from the pandemic. To get demand incentives under the Rs. 10,000-crore second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) scheme, companies must gradually increase the local sourcing of components for their EVs as stipulated in the PMP.

Source
ET Energy World
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