The Heavy Industries ministry has reduced the cap on incentives for electric two-wheelers to 15 per cent of the ex-factory price of vehicles from 40 per cent earlier. SMEV believes that this proposition will help in both, bailing out highly stressed companies in the EV sector, as well as sending a positive signal to the global investor community about the government's commitment to its national e-Mobility charter, the letter said.
"SMEV has proposed to work closely with the Finance Ministry to determine the contours of such a fund, which could be in the shape of a grant or a subvention scheme that could work as a guarantee mechanism for lenders and could be monitored by a committee," it said. Banks too have been unwilling to extend credit in fact banks are suffering collateral damage since companies are unable to service loans under the circumstances, it said.
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