Increase in subsidy under FAME II will increase demand for electric vehicles: Hero Electric

Increase in subsidy under FAME II will increase demand for electric vehicles: Hero Electric

New Delhi: Electric two-wheeler major Hero Electric has said that the increase in subsidy under FAME II will help boost the demand for electric vehicles in the country. Naveen Munjal, Managing Director, Hero Electric said, “This is the most important step for the electric vehicle industry in the last decade. The increase in subsidy under FAME II will usher in a new era of electric mobility in the country. An increase in the subsidy limit will be a dice-turner. This will increase the consumer's tendency towards electric scooters with the price of petrol reaching Rs 100 per liter.

The government on Friday made partial amendments in the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India II) scheme. Under this, the demand incentive for electric two wheelers has been increased to Rs 15,000 per kWh. Earlier there was a uniform subsidy of 10,000 per kWh for all electric vehicles. These include plug-in hybrid and strong hybrid. Buses are not included in this. Under the latest amendment, the Ministry of Heavy Industries has capped the incentive limit for electric two-wheelers to 40 per cent of the cost of the vehicle. Earlier this limit was 20 percent. 

Munjal said, “We are expanding our reach, installing charging points and retraining mechanics to create an ecosystem for electric vehicles. In the midst of all this, a favorable policy would encourage the growth of electric vehicles and transform the sector, he said.  


Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Mumbai: The country's foreign exchange reserves increased by $ 835 million to a record high of $ 612.73 billion in the week ended July 16, 2021. According to the data of the Reserve Bank of India, in the previous week ended July 9, foreign exchange reserves had increased by $ 1.883 billion to $ 611.895 billion.

According to the Reserve Bank's weekly data, the increase in foreign exchange reserves in the week under review is due to the increase in foreign currency assets (FCAs), which are a major component of the overall reserves. During this period, FCA grew by $ 463 million to $568.784 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. 

Gold reserves increased by $ 377 million
According to the data, during this period, gold reserves increased by $ 377 million to $ 37.333 billion. At the same time, the Special Drawing Rights (SDR) with the International Monetary Fund increased by $1 million to $1.548 billion. The Reserve Bank said that during the week under review, India's foreign exchange reserves with the IMF declined by $ 7 million to $ 5.1 billion.