To boost EV sales, govt to clarify on exemption from 15-year 'End of Life' rule
According to TOI, the power ministry will also expedite the extension of Corporate Average Fuel Economy (CAFE) norms, meant to reduce fuel consumption and CO2 emissions, to urban freight vehicles, trucks and buses. These measures were finalised at a recent high-level meeting chaired by Niti Aayog member Rajiv Gauba amid concerns over the slow pace of EV penetration, which stood at just 7.6% in 2024 against the 30% target for 2030. While adoption is higher in two- and three-wheelers and buses, penetration for four-wheelers remains low, and e-trucks have yet to take off, TOI said.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Others
others
healthcare
Artificial Intelligence
Healthcare
Finance
Public Policy
Leadership
PGDM
Data Science
CXO
MCA
Cybersecurity
Operations Management
Data Science
Digital Marketing
Design Thinking
Product Management
Project Management
Data Analytics
Management
MBA
Technology
Degree
Skills you'll gain:
Duration:
16 Weeks
Indian School of Business
CERT-ISB Transforming HR with Analytics & AI India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
9 months
IIM Lucknow
SEPO - IIML CHRO India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
28 Weeks
MICA
CERT-MICA SBMPR Async India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Exec Cert Prog in AI for Biz India
Starts on
undefined
Get Details
Sources told TOI that during the meeting, road transport secretary V Umashankar noted that most buses over 15 years old are privately owned. In response, Niti Aayog CEO BVR Subrahmanyam suggested that exempting EVs from the EoL regulation could help spur sales. Umashankar also said that mandates for EV adoption work best where penetration and ecosystem readiness are higher.
TIMESOFINDIA.COM
Sources further told TOI that there was consensus on shifting from incentives to mandates and disincentives to speed up EV adoption, starting with saturation strategies in five cities for buses, para-transit and urban freight vehicles. A source added that participants unanimously agreed on the need to expand charging infrastructure, deploy fast chargers, develop new battery technologies to reduce import dependence, and improve financing for e-buses and e-trucks.
Live Events
TOI reported that, days later, the finance ministry convened a meeting with banks to address their reluctance to finance EVs and concerns over high interest rates. Chaired by financial services secretary M Nagaraju, the meeting saw banks urge the government to standardise batteries, reduce vehicle costs and offer incentives for new battery purchases, given that batteries, typically replaced every 6-7 years, account for 40-50% of an EV's cost.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
12 minutes ago
- Economic Times
IT layoffs cloud recovery hopes as consumption firms brace for slowdown
India's consumption-driven recovery may face fresh headwinds as rising job cuts in the information technology (IT) sector trigger concerns over discretionary spending, reported TOI. With Tata Consultancy Services (TCS) recently confirming over 12,000 layoffs and industry body Nasscom indicating more job losses ahead, consumer-facing companies are preparing for a possible slowdown in demand, particularly for apparel, fashion, electronics, and other non-essentials. The tech sector, a key employer of young professionals, plays a significant role in driving household expenditure. A downturn in this segment could have a spillover effect on wider consumption trends, experts some sectors such as packaged goods and jewellery may be more resilient, others are already signalling caution. 'Sustained consumption growth will depend on economic stability and job security,' Joy Alukkas, CMD at Joyalukkas Group, told The Times of India. However, he added that the jewellery segment may see limited impact due to the cultural and investment value Indians associate with Bhatt, technology sector leader at EY India, noted that IT hiring remains weak. 'Even at a slower rate, the industry added around 1.2 lakh jobs in FY25, but the outlook for FY26 is subdued,' he said. Uneven recovery and cautious sentiment Though lower inflation, interest rate reductions, and recent tax reforms have created a base for consumption revival, company results suggest the recovery is still in early stages. Colgate-Palmolive, for instance, flagged 'tough' operating conditions in its Q1 FY26 earnings call, underlining the pressure on rural and urban demand alike, as per the TOI report. In the fashion and lifestyle segment, consumer caution is evident. Akhil Jain, CEO and MD of Madame, said that while easing inflation and tax breaks offered some support, full-price retail demand remains irregular. 'Job uncertainty in sectors like IT does impact consumption, particularly in categories like fashion,' Jain care players are also monitoring sentiment closely. Sunil Agarwal, chairman of RSH Global, which owns Joy Personal Care, observed early signs of cautious spending. 'The IT layoff trend has created some unease in consumer sentiment,' he said. Agarwal added that the upcoming festive season will be the real test of how demand shapes up in the wake of employment-related employment concerns mounting in a sector that fuels significant urban spending, companies across discretionary categories remain watchful as they head into the crucial second half of the fiscal year. (With inputs from TOI)
Time of India
31 minutes ago
- Time of India
From individuals to corporates, TOI Ecopreneur Honours celebrates India's sustainability champions
As climate change challenges continue to mount across the world, a group of changemakers is emerging, committed to sustainability and determined to conserve the environment. These new-age entrepreneurs and innovators are harnessing the power of business and technology to bring about positive environmental change. To honour these trailblazers, The Times of India presents Ecopreneur Honours, a platform dedicated to shining the spotlight on individuals and corporates tirelessly working towards shaping a greener tomorrow. From renewable energy and sustainable agriculture to zero-waste living and water conservation, these heroes are redefining India's path towards a net-zero future. Read More
Time of India
32 minutes ago
- Time of India
IT layoffs cloud recovery hopes as consumption firms brace for slowdown
India's consumption-driven recovery may face fresh headwinds as rising job cuts in the information technology (IT) sector trigger concerns over discretionary spending , reported TOI. With Tata Consultancy Services ( TCS ) recently confirming over 12,000 layoffs and industry body Nasscom indicating more job losses ahead, consumer-facing companies are preparing for a possible slowdown in demand, particularly for apparel, fashion, electronics, and other non-essentials. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare MBA Degree Leadership Public Policy CXO Artificial Intelligence Design Thinking Data Science Others Operations Management Management Data Science MCA Project Management Finance Product Management Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details The tech sector, a key employer of young professionals, plays a significant role in driving household expenditure. A downturn in this segment could have a spillover effect on wider consumption trends, experts said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo While some sectors such as packaged goods and jewellery may be more resilient, others are already signalling caution. 'Sustained consumption growth will depend on economic stability and job security,' Joy Alukkas, CMD at Joyalukkas Group, told The Times of India. However, he added that the jewellery segment may see limited impact due to the cultural and investment value Indians associate with gold. Nitin Bhatt, technology sector leader at EY India, noted that IT hiring remains weak. 'Even at a slower rate, the industry added around 1.2 lakh jobs in FY25, but the outlook for FY26 is subdued,' he said. Live Events Uneven recovery and cautious sentiment Though lower inflation, interest rate reductions, and recent tax reforms have created a base for consumption revival, company results suggest the recovery is still in early stages. Colgate-Palmolive , for instance, flagged 'tough' operating conditions in its Q1 FY26 earnings call, underlining the pressure on rural and urban demand alike, as per the TOI report. In the fashion and lifestyle segment, consumer caution is evident. Akhil Jain, CEO and MD of Madame, said that while easing inflation and tax breaks offered some support, full-price retail demand remains irregular. 'Job uncertainty in sectors like IT does impact consumption, particularly in categories like fashion,' Jain said. Personal care players are also monitoring sentiment closely. Sunil Agarwal, chairman of RSH Global, which owns Joy Personal Care, observed early signs of cautious spending. 'The IT layoff trend has created some unease in consumer sentiment,' he said. Agarwal added that the upcoming festive season will be the real test of how demand shapes up in the wake of employment-related anxieties. With employment concerns mounting in a sector that fuels significant urban spending, companies across discretionary categories remain watchful as they head into the crucial second half of the fiscal year.
