EV Talk

“Given the increasing demand in the mobility sector the Union Budget will hopefully set a road map for a faster adoption of EVs both for personal and commercial transportations. Indian economy has been moving towards new and sustainable technology products and we anticipate that the budget will outline a policy framework for sustainable development. Volvo Cars will provide the required sustainable impetus to the personal mobility sector through our global best technology offerings for the Indian market. As such we anticipate that the budget will encourage introduction of advanced sustainable technologies most suited to the fast growing Indian market.”
Jyoti Malhotra, Managing Director
Volvo Car India
We are confident that the upcoming 2024-25 budget will be transformative for us in the EV sector. We are hopeful that there will be more subsidies like FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) and PLIs (Production Linked Incentives). In 2019, FAME II allocated ₹10,000 crores to promote EV adoption, significantly boosting awareness and uptick of electric vehicles helping the overall EV industry. We also urge policy markers to allocate funds for export opportunities through schemes like the MAI (Market Access Initiative) that help bolster product-focused businesses.
Kunal Gupta, CEO and Co-founder
EMotorad
As we approach the 2024 budget, the electric vehicle industry stands at a pivotal juncture. We are looking for continued support and substantial policy enhancements to accelerate the transition to sustainable transportation. We urge the government to consider increased subsidies for electric two-wheelers and three-wheelers, as well as incentives for domestic manufacturing and R&D initiatives. Additionally, investments in charging infrastructure and battery technology will be crucial to overcome existing barriers to widespread EV adoption. O
Hyder Khan, Director & CEO
Godawari Electric Motors
With a firm commitment to reducing pollution and addressing climate change, we anticipate the government will align its policies with the net-zero goal and sustainable development. The implementation of PLI schemes specifically for EV charging companies is crucial. Expanding EV infrastructure is essential for promoting widespread EV adoption in India, and financial incentives will significantly boost the growth of our charging network. We also hope for tax reforms that support our industry and encourage consumers to transition to electric vehicles. Developing a robust EV charging ecosystem, particularly in Tier II and Tier III cities, is vital. Prioritizing open data standards and APIs for charging networks will ensure interoperability and enhance user experience.
Niranjan Nayak, Managing Director
Delta Electronics India
To achieve net-zero carbon emissions, the government must focus on maintaining policy continuity. Inclusion in the priority lending scheme and reducing GST for EV services from 18% to 5% will accelerate EV-led delivery adoption. Recognizing last-mile delivery as a distinct sector under logistics policies is essential, given that one-third of shipments fall within this category. An extension of the existing EMPS scheme will result in better stakeholder sentiment and investor confidence.
Akash Gupta, Co-founder & CEO
Zypp Electric
The government must develop a comprehensive policy for electric vehicle (EV) parts, ensuring transparency and creating a fair industry environment. Including commercial vehicles in EV incentives is crucial for widespread growth and our sustainable future goals. While the current 5 percent GST on EVs is positive, unclear GST rates of 28 percent / 18 percent on spare parts pose challenges. India should boost manufacturing capabilities and localize supply chains. The upcoming budget should prioritize initiatives promoting innovation, capacity building, and meaningful incentives for EV adoption.
Ayush Lohia, CEO
Lohia
"The fintech market in India is projected to reach $1 trillion by 2030, we look forward to the government introducing clearer regulations and supportive policies in the budget to drive innovation, focusing on streamlined regulatory processes, increased funding opportunities, and enhancements in digital lending, SME financing, and cross-border trade facilitation.” “As we approach the new budget, our expectations are high for measures that will support the fintech industry's growth and contribute towards a greener, sustainable future, fostering economic growth and technological advancement in the EV sector.”
Sameer Aggarwal, Founder & CEO
Revfin
To truly accelerate India's shift towards electric mobility, we need a robust government policy that can incentivize both manufacturers, individuals, as well as the larger ecosystem. This includes subsidies, tax benefits, lower GST rates for EVs and making EVs more accessible to the larger public. We urge the government to invest in expanding this network, particularly in urban areas and also along the highways. This will address the range anxiety issue that many potential EV buyers face. Additionally, better financing options are crucial to support consumers in making the switch to electric vehicles. Finally, we must also consider the resale market of electric vehicles. Establishing a strong resale market with standardized valuation models will enhance the customer confidence and support the long-term adoption of electric vehicles.
Samarth Kholkar,, CEO & Co-Founder
Blive
During the interim budget, we saw the government’s commitment towards expanding the EV ecosystem in India and underscored the need to develop more charging stations. The subsidy scope is anticipated to expand, covering larger vehicle segments like trucks in addition to passenger vehicles, two-wheelers, and three-wheelers. A significant emphasis on Research & Development (R&D) and domestic manufacturing capabilities for EVs and batteries is expected, with the Production-Linked Incentive (PLI) scheme receiving further support. Revisiting EV's priority lending sector status and reinforcing efforts are also on the cards. Crucially, affordability for commercial EV fleets and planned innovation must take center stage through incentives, making EVs cost-effective for fleet operators, driving efficient logistics solutions, and fostering a sustainable transportation ecosystem.
Maxson Lewis,, Founder & CEO
Magenta Mobility
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