By earn 
Morning Alert..
*Govt demands more local content in electric vehicle manufacturing*
The Ministry of Heavy Industries is discussing a phased manufacturing programme (PMP) with stakeholders, requiring stricter localisation for electric vehicle (EV) makers to qualify for the proposed Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-III) subsidy scheme. In its recent discussions with stakeholders, the ministry suggested reducing the number of components under PMP in FAME-III from 18 to 12. Components such as power and control wiring harnesses, connectors, miniature circuit breakers, electric safety devices, lighting, and body panels, which have been eliminated from the list, will now have to be domestically manufactured. Moreover, the ministry reiterated that all other parts, components, and sub-assemblies of EVs must be domestically manufactured and assembled. It has asked automobile (auto) companies to provide feedback on the proposed changes. For components under PMP, a clear path for localisation is being discussed. For instance, in electric two-wheelers, three-wheelers, and electric rickshaws, only the cell and associated thermal and battery management systems can be imported.
* Global market action*
Dow Jones – Up by 0.36% or 142.93 points
FTSE – Up by 0.40% or 32.66 points
CAC – Down by 1.15% or 86.71 points
DAX – Down by 0.48% or 88.74 points
Gift Nifty – Up by 0.11% or 26.50 points
*FII/DII activities*
FII – Sold 2605.49 Cr worth of shares
DII – Bought 2431.69 Cr worth of shares.
