Interim Budget 2024: Boosting the EV Sector in India says the industry

Government’s Visionary Move Accelerates EV Sales, Manufacturing, and Charging Infrastructure, here is what Industry says about the interim budget 2024.

In a groundbreaking move, the government unveiled its visionary Interim Budget 2024, signaling robust support for the electric vehicle (EV) sector, aiming to propel India into a sustainable and technologically advanced future.

The Financial Commitment:
The budget allocates a substantial Rs 2,671 crore to bolster EV makers, fostering growth and innovation, as highlighted by Greaves Cotton Ltd. This commitment aligns seamlessly with the nation’s vision, emphasizing net-zero goals by 2070.

Exponential Growth in EV Sales:
Remarkable growth in EV sales was witnessed in 2023, with electric passenger vehicles surging by 114.71%, as reported by the Federation of Automobile Dealers Associations (FADA).

Government Subsidies:
Under the FAME II scheme, subsidies worth Rs 5,228 crore have been provided for the sale of 11,53,079 EVs, showcasing the government’s dedication to accelerating EV adoption.

Industry Leaders Commend the Budget:
Leaders in the EV industry have lauded the government’s initiatives. Uday Narang, Founder and Chairman of Omega Seiki, sees the budget as a monumental step towards a cleaner and interconnected future, emphasizing the importance of manufacturing and charging infrastructure.

Decentralized Opportunities:
Anvesha Thakker from KPMG applauds the budget’s focus on decentralized opportunities like solar rooftop and EV charging, creating opportunities for households, SMEs, and youth in the energy transition.

Entrepreneurship Opportunities:
Akash Gupta, CEO of Zypp Electric, applauds the government’s commitment to nurturing the EV ecosystem, highlighting the ample opportunities for entrepreneurship, supply, and installation services.

Women’s Empowerment and EV Adoption:
Rashi Agarwal, CBO & Co-Founder of Zypp Electric, expresses enthusiasm as a woman entrepreneur, acknowledging the government’s support for women’s empowerment and the EV sector.

Addressing Industry Disparities:
Arun Sreyas of RACE Energy appreciates the budget’s focus on manufacturing and charging infrastructure but highlights the need for GST parity on swappable batteries for widespread EV adoption.

Industry Expectations:
Avinash Sharma from ElectricPe and Vimal Kumar from IONAGE TECHNOLOGIES discuss the positive aspects of the budget but express hopes for further discussions on GST reduction for charging rates and standalone batteries.

Positive Outlook for EV Landscape:
Vimal Kumar sees the budget as a valuable boost for innovation and faster EV adoption, aligning with the government’s ongoing support for the sector.

In essence, the Interim Budget 2024 sets the stage for a transformative phase in the EV landscape, fostering innovation, employment, and sustainable development, aligning with the nation’s commitment to a cleaner and interconnected future.