EV sector wants clarity on FAME, GST in Budget 2023

By Team YS
January 22, 2023, Updated on : Tue Jan 24 2023 05:26:37 GMT+0000
EV sector wants clarity on FAME, GST in Budget 2023
EV industry stakeholders hope for an extension of FAME II and lower GST rates as well as policies encouraging domestic EV production.
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Hello,


Gautam Adani reportedly plans to go the IPO (initial public offering) route for at least five of his companies between 2026 and 2028. 


Bitcoin rose past $22,000, its highest in the past four months, as the broader cryptocurrency market continues to struggle. Ether rose 0.58% to $1,668.1 on Saturday, adding $9.7 to its previous close.


Buzz Aldrin, the second man to walk on the moon, has said that he got married to his long-term partner on his 93rd birthday. Aldrin had taken part in the Apollo 11 lunar mission to the moon in July 1969 with fellow astronauts Neil Armstrong and Michael Collins.


ICYMI: Artificial intelligence and machine learning could one day help us eavesdrop on the conversations in nature and create a sort of  Google Translate for the zoo


Foxes in love, a ruby-eyed frog, and a happy polar bear cub playing in a field of flowers–see 25 stunning images featured in the Wildlife Photographer of the Year (People's Choice Award category). Run by the Natural History Museum in London, anyone can vote for their favourite image. Votes close on February 2. 


So, which one is your favourite?


In today’s newsletter, we will talk about 


  • EV sector wants clearer FAME, GST in Budget 2023
  • Best places to visit in India in 2023
  • 100X.VC picks 25 startups for portfolio 

Here’s your trivia for today: Which UK city is well-known street artist Banksy from?


Electric vehicles

EV sector wants clearer FAME, GST in Budget 2023


Budget 2022, which rolled out a battery swapping policy, created special mobility zones, and thematic funds for sunrise sectors, turbocharged the electric vehicle (EV) industry’s growth in India. 


Confusing FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) brackets and uneven GST (goods and services tax), however, remain crucial pain points of the sector. 


Will Budget 2023 iron out these issues?


Kicking into overdrive:


  • As of 19 December 2022, 7.67 lakh EVs have been supported under Phase II of the FAME India scheme.
  • Different components of EVs have different tax rates. For example, 5% GST is levied on EV sales whereas spare parts have 28% GST, and swappable batteries have 18% GST.
  • EV industry stakeholders hope for an extension of FAME II and lower GST rates as well as policies encouraging domestic EV production.
electric vehicle



Travel

Best places to visit in India in 2023

Whether you want to relax at a beach, climb a mountain, taste new street food or connect with your spiritual self, India has got you covered. 


With its mix of natural beauty and rich cultural heritage, the country will surprise you with new experiences. So, in 2023, give your international travel plans a break and explore Incredible India!


For the traveller:

  • Considered one of the highest lakes in the world, Lake Gurudongmar is located in the Great Himalayas in the state of Sikkim. Surrounded by snow-capped mountain peaks, including Mt Siniolchu and Mt Khangchendzonga, the glacier-fed azure jewel is stunning.
  • Kolkata has Raj-era architectural gems, including the Victoria Memorial. Other important sights include the Dakshineshwar Temple, Howrah Bridge, National Library, and the Indian Museum.
  • A UNESCO World Heritage site, Hampi was the capital of the Vijayanagara kingdom in South India from the 14th to 16th Centuries. Situated on the banks of the Tungabhadra river, the city is home to several forts and temples. 
Gurudongmar Lake




Investment

100X.VC picks 25 startups for portfolio 

100X.VC, a Mumbai-based venture capital fund, has picked 25 startups as part of its Class 08 portfolio. The fund has invested Rs 1.25 crore in each of these startups.


The fund operates on a class-based investment model and invests in startups across sectors.

For the latest portfolio, it received 4,748 applications.


The chosen ones:


  • The 25 startups are Zeron, The Little Farm Co., Credwise, Adsys, Shyft, Sukham.life, MetaShop, Rocca, Alpyne Labs, ThinkMetal, Vodex, 50Fin, GreenKin, ByajBook, MetaBrix, Swasthya AI, Minifeel, DAOstruct, Aliste Technologies, Dolf, Plug, Dr.Mantra, OpenOffers, Luzo, and Zing.
  • Startups in the latest portfolio hail from 11 cities—Mumbai, Bengaluru, Delhi, Pune, Jaipur, Hyderabad, Bhopal, Chennai, Noida, Kolkata, and Varanasi.
  • With the completion of the Class 08 portfolio, 100X.VC has crossed 100 investments since its launch in July 2019.
investment funding



News & updates

  • Stellar performance: ICICI Bank Ltd. reported 34% growth in profit, helped by a surprise improvement in interest margin as lenders in India continue to report stellar performance, backed by rising demand for loans.
  • Toadzilla: The news about a giant cane toad, dubbed Taodzilla, stunned the internet earlier this week. However, whether the toad, weighing in at 2.7 kg, is a record breaker or not, remains undetermined. 
  • Australian Open: Novak Djokovic continued his charge towards a 10th Australian Open title with a 7-6(7) 6-3 6-4 victory over Bulgarian Grigor Dimitrov to reach the fourth round on Saturday but fears about the durability of his injured left hamstring only grew.

 


Which UK city is well-known street artist Banksy from?

Answer: Bristol, England




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