"In fact, their post-resolution existence is also a matter of time. Many of these companies will not be able to come out of the financial stress caused by these actions, he added. "The cumulative effect of the subsidy blockade, the claim on older subsidies and the refusal to allow future sales has been devastating on startups and first movers in the electric two-wheeler segment," SMEV Director General Sohinder Gill said. In a letter to the Finance Minister, the industry body has noted that the total amount of subsidies withheld and still due to various electric two-wheeler OEMs (Original Equipment Manufacturers) amounts to over Rs 1,200 crore and that the industry has been awaiting the funds for over 18 months exclusive of the interest. Society of Manufacturers of Electric Vehicles (SMEV) has asked the government to create a Rs 3,000 crore fund to revive and sustain operations of OEMs which have been badly affected by the recent FAME subsidy blocks.
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