Pending Subsidy Puts EV Industry In Liquidity Crisis

2023-04-19 04:43:43

(MENAFN- KNN India) Pending subsidy puts EV industry in liquidity crisis

New Delhi, Apr 19 (KNN) The Electric Vehicle (EV) industry hasn't received Rs 1,200 crore worth of subsidies that have been withheld leading to a serious liquidity crisis in the industry, said the Society of Manufacturers of Electric vehicles (SMEV) on Tuesday.

The industry body has reached out to the Parliamentary Standing Committees on Industry and Estimates to intervene in this matter.

It has urged the panel to direct the government to release the pending subsidy of Rs 1,200 crore earmarked for the liquidity-hit sector.

In a petition to the Parliamentary Standing Committees on Industry and Estimates, SMEV stated that EV adoption is slowing down due to the financial stress being faced by the industry.

The industry body said the EV segment has been besieged by irritants designed to disturb the momentum of the
FAME 2 scheme.

The need of the hour is for the government and the industry to work together to resolve issues and put India back on track to meet its electric mobility targets, the petition said.
(KNN Bureau)

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