Net Zero Summit

Budget 2021 Expectations: Nagesh Basavanhalli, Group CEO & MD, Greaves Cotton Limited

Speaking on the expectation of the EV industry from budget 2021 Nagesh Basavanhalli, Group CEO & MD, Greaves Cotton Limited said-India has embarked on the electric vehicles journey with several initiatives being undertaken by the government in recent past. However, we need to keep the focus constant to accelerate EV growth in the country. In the endeavour to utilize our full potential and to achieve the goal of 100% electric vehicles in the country by 2030, we need to take the following under consideration:

  1. First of all, the government should invest in creating a robust mass awareness campaign among the general public about moving towards safe, sustainable and affordable electric vehicles in order to dispel common myths.
  2. Secondly, it would be great if the government maintains GST at 5% only and not increase it and create more awareness among the people about the tax benefit in order to encourage more and more people to shift towards sustainable and affordable electric mobility solutions.
  3. Similarly, as part of Atmanirbhar Bharat and Vocal for Local initiatives, the government should provide incentive and support industry players who are looking to setup manufacturing base for electric vehicles.
  4. Lastly, in order to provide a level playing field for EV manufacturing companies, the government should consider keeping the import duty to 5% or less on Li-ion cells as the same is scheduled to go upto 10% effective April 2021.