EV Talk

We hope that the upcoming union budget addresses the disparity among EV types through technology-agnostic incentives and subsidies. Extending subsidies to child parts and sub-assemblies - and not just at the point of sale - will significantly reduce the BOM costs for these vehicles. Further, creating a cost-competitive environment for EVs through rationalised GST rates across all components, including spare parts (which are currently subject to higher levies), is crucial. complexes, corporate parks, malls etc. into this form of decentralised renewable energy.
Ranjita Ravi,Co-Founder at Orxa Energies.
Orxa Energies.
"Looking ahead to the Union Budget 2024-25, there is anticipation for a further boost in support for Electric Vehicle (EV) infrastructure in the country. Optimism surrounds the potential reduction in both input and output Goods and Service Tax (GST) for EVs and spare parts—a move that would significantly enhance accessibility and broaden the reach to the masses. Additionally, hopes are high for increased financing opportunities, propelling research and development to a larger scale. This, in turn, would open doors for substantial investments in the ecosystem, accelerating India's overall adoption of electric vehicles. A crucial aspect lies in the call for added incentives specifically directed at Indian Original Equipment Manufacturers (OEMs), aiming to stimulate advancements in localizing EV technology, fortifying the indigenous industry, and contributing to a more self-reliant and progressive economic landscape for the industry."
Yatin Gupte,Chairman & Managing Director,
Wardwizard Innovations & Mobility Ltd.
Extending the successful Fame 2 subsidy into Fame 3 is crucial for consolidating the electric vehicle industry. Last year the Govt proposed INR 180 crore of support for charging infrastructure for creating public charging infrastructure and this number should be increased.
Govind S,Co-founder & COO,
The government’s commitment to sustainable mobility and emission reduction is commendable. The key focus is on the FAME scheme, which provides crucial subsidies for electric vehicles. With FAME II subsidies likely to be exhausted this year, the proposed INR 40,000 - 50,000 crore for FAME III to cover more EVs is a positive step. Continued government support is vital for the transition to sustainable mobility. As advocates for this industry, we align with the ministry’s direction and are dedicated to collaborating with the government to realize this vision. Our request would be to incorporate incentives for the EV Heavy Commercial Vehicle and EV component manufacturers as well.
Rohan Shravan,Founder and CEO of Tresa Motors
Tresa Motors
In the context of encouraging high-tech advancements, especially in semiconductors and EV components through the PLI scheme, the government can enhance its impact by fostering research and development partnerships. Furthermore, sustaining initiatives like the FAME II scheme requires a long-term commitment. Additionally, promoting public-private partnerships for EV infrastructure development can accelerate the growth of electric vehicles.
Gajanan Gandhe,Country Head and VP,
Dana India.
''As EV sales in the country are showing healthy growth, we expect the government to propose budgetary provision to extend the FAME II (Faster Adoption and Manufacturing Electric Vehicles) scheme with a view to support EV growth. The government policies and regulatory norms have so far been favourable for the automotive industry. In the interim budget, the government is expected to continue with the existing policy and regulatory framework.''
Veer Singh,CEO,
Lord's Automative Pvt. Ltd.
"As we anticipate the 2024 budget announcement, we hope for a budget that reflects India’s commitment to sustainability and technology advancement. A large volume of India's end-of-life Lithium-ion batteries is exported globally for recycling or just processed as an intermediate black mass and then exported. Hence, massive R&D investments are required, particularly to create strong competencies and lab testing facilities for the proper end-of-life Lithium-ion battery recycling. This not only contributes to responsible environmentalism but also nurtures a talented pool of individuals. Another area, where we are hopeful for is the Production-Linked Incentive (PLI) and it's extension to battery recycling. We also recommend that the recycling of Lithium-ion batteries be incorporated into the Carbon Credit Trading Scheme.
Shubham Vishvakarma,Co-Founder, Chief of Process Engineering
Metastable Materials
As we eagerly await the budget 2024, we propose an extension of the FAME II scheme for the coming years. This strategic decision would further incentivize the adoption of electric vehicles and contribute significantly to the nation's environmental goals. We encourage the government to focus on formulating policies that not only support existing players but also foster an environment conducive to new entrants. I believe that the upcoming budget presents a unique opportunity to propel the electric vehicle sector forward. By extending and enhancing policies that support the industry, the government can accelerate the adoption of electric vehicles, stimulate economic growth, and establish India as a leading player in the global electric mobility landscape."
Anurag Garg,MD & Country Head,
Vitesco Technologies
The reduced GST rates on EVs and chargers have helped narrow the price gap between EVs and fuel-based vehicles. We believe that any extension of the FAME subsidy and removing all caps on the ex-factory price of EVs would greatly enhance our position. When the government launches initiatives that encompass technology development in India, we advocate for a subsidy structure without segment caps. Encouraging multiple segments is crucial, and technology, being universal, shouldn't be restricted.
Niraj Rajmohan,Co-founder and CTO,
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