Business
PM E-DRIVE: Centre Rolls Out Rs 2,000 Crore Subsidy Scheme For EV Charging Stations
 "PM E-DRIVE: Centre Rolls Out Rs 2,000 Crore Subsidy Scheme For EV Charging Stations")
New Delhi: The Ministry of Heavy Industries (MHI) has issued operational guidelines which earmark an outlay of Rs 2,000 crore for offering subsidies of up to 100 per cent for setting up public charging stations for electric vehicles in cities and across highways under the Rs 10,900 crore PM E-DRIVE scheme. Government premises such as offices, hospitals, educational institutions and central public sector enterprises will receive 100 per cent subsidy on both upstream infrastructure and EV charging equipment, provided the chargers offer free public access, the guidelines state.
In the case of bus stations operated by state transport undertakings, metro stations, municipal parking lots, public sector ports and NHAI /state government controlled toll plazas and way-side amenities on highways and expressways, the subsidy will cover 80 per cent of upstream infrastructure and 70 per cent of EV supply equipment cost.
Locations like airports, railway stations, fuel retail outlets of state-run oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum, metro stations and bus depots will get 80 per cent subsidy on infrastructure and 70 per cent on charging equipment. Battery swapping and charging stations are also covered, with 80 per cent subsidy support.
The scheme will give priority to urban centres with a population of over one million, smart cities, satellite towns connected to 7 metros (Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Ahmedabad), state capitals, and high-density national and state highways. Public transport hubs such as railway stations, airports, and fuel retail outlets have also been earmarked for receiving infrastructure support.
Public sector giant Bharat Heavy Electricals Ltd (BHEL) has been designated as the Project Implementation Agency, while IFCI will serve as the Project Management Agency. BHEL will also develop a National Unified Hub and mobile app to integrate EV chargers, offering discovery, real-time updates, slot booking and payment facilities.
Subsidy disbursement will be done in two stages — 70 per cent at the procurement stage and the remaining 30 per cent after commissioning and integration with the Unified Hub.
The guidelines have also finalised the charging standards which stipulate up to 12 kW for two- and three-wheelers, and 50 kW to 500 kW fast chargers for cars, buses and trucks.
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Man Industries shares fell 16 percent after Sebi banned the firm and three executives, including Ramesh Mansukhani, for two years.
Man Industries shares tank 16% on Tuesday.
Man Industries Share Price: Pipe manufacturing company Man Industries shares tanked 16 per cent on Tuesday following Sebi’s action to ban the firm and three of its senior executives from the securities market for two years, along with a Rs 25 lakh fine on each for alleged financial fraud.
Shares of Man Industries (India) were trading 11.73 per cent lower around 11:19 am at Rs 359 apiece, against the previous day close at Rs 406 apiece. The day’s low stood at Rs 340 apiece.
The order named Ramesh Mansukhani, Chairman of Man Industries; Nikhil Mansukhani, Executive Director; and Ashok Gupta, former Executive Director and current CFO, as the individuals penalised.
Sebi found that the company’s financial statements for FY 2015-16 to FY 2020-21 were “deliberately misstated.” The regulator said these misrepresentations, omissions, and concealments were part of a scheme that deprived investors of a true view of the company’s financial position.
The order noted that MIIL’s wholly-owned subsidiary, MSPL, was excluded from consolidation after FY 2014-15 without explanation. This, Sebi said, hid group-level losses and liabilities while artificially boosting MIIL’s reported profits.
“I conclude that the financial statements of MIIL for FY 2015-16 to FY 2020-21 were misrepresented, creating a false picture of profitability, liquidity, and group-level risks for investors. This constitutes a fraudulent and unfair practice by the noticees,” said Sebi Chief General Manager N Murugan.
By doing so, the company and its executives violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. In response, Sebi barred them from market participation for two years and levied fines.
The action follows a complaint alleging diversion of funds to subsidiaries and non-consolidation of results to conceal losses. Sebi subsequently conducted a forensic audit, appointing an auditor on November 22, 2021, to investigate MIIL’s accounts from FY 2014-15 to FY 2020-21.
In response, the company said, “the SEBI order pertains to legacy matters and carries no material impact on the company’s current or future operations. With a strong order book, improving margins, disciplined governance, and a robust capex pipeline, the company is well positioned to deliver sustainable growth and value for shareholders. We reaffirm our solid fundamentals, commitment to corporate governance, and focus on long-term value creation for all stakeholders.”
(With PTI Inputs)
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
September 30, 2025, 11:28 IST
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Business
UPS vs NPS: Only 1 lakh of 23L govt employees switch to Unified Pension Scheme; request deadline extension – The Times of India
The government is considering whether to extend the September 30 deadline to switch to the UPS as barely 1 lakh out of 23 lakh government employees have opted.Several employees’ associations have written to the cabinet secretary, seeking a two-month extension to allow more staff to switch from the National Pension Scheme (NPS) to the UPS or the Unified Pension Scheme. Earlier on Monday, representatives from associations met ministry officials to present their case, as per an ET report.Senior officials from the finance, pension, and other departments held late-night discussions on Monday to consider the request, following the previous extension granted on June 30.Why are workers struggling to choose?The UPS, launched in March, is the government’s flagship pension reform, aiming to balance the market-linked NPS with the old pension system that placed it under a heavy burden, according to ET. However, uptake has been low due to concerns over financial security, a 25-year service requirement for full benefits, and a strict definition of eligible family members.Eventually…To ease these concerns, the government introduced the Central Civil Services (Implementation of the Unified Pension Scheme under the National Pension System) Rules, 2025, with several incentives. Full pension benefits are now available after 20 years of service, instead of 25, a move that particularly benefits paramilitary personnel who often retire early. The scheme also offers better financial protection for employees’ families in case of disability or death.Despite these changes, many employees are struggling to understand the new rules, especially those in remote areas. As of last week, only around one lakh staff had opted for the UPS, despite the government’s outreach across departments, the financial daily reported.In a September 25 letter, the National Council of the Joint Consultative Machinery highlighted the communication gaps and procedural delays. A substantial number of eligible employees may end up missing the UPS option, which closes on September 30, the Council wrote, requesting at least a two-month extension so staff have sufficient time to make their choice.
.jpg?trim=0,0,0,0&width=1200&height=800&crop=1200:800 "Business news live: UK economy grew 0.3% in second quarter as slowdown confirmed")
UK economy grew by 0.3% across April to June 2025
The ONS have released their major accounting figures for the UK across Q2 – the second three months of the year, April to June.
Chief among the headline figures is confirmation that the economy grew 0.3 per cent during that period, a marked slowdown on the 0.7 per cent from the first quarter of 2025.
Perhaps also notably, the second quarter of last year was also higher, at 0.6 per cent.
Karl Matchett30 September 2025 07:14
Man Industries Shares Tank 16% After Sebi Uncovers Fraud, Bans Executives
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