Following the announcement of Finance Minister Nirmala Sitharaman about not leading into a populist Interim Budget 2024, industry stakeholders see this as a positive sigh and hope the full Budget 2024 anticipated in July will bring in a sustainable roadmap.
Chandresh Sethia, Co-Founder, EVRE, “The Interim Budget’s bold focus on electric vehicles sparks a revolution in EV space, and that is a welcome move. It is heartening to see India at the forefront of this electrifying transformation. Improvement in our charging infrastructure will boost consumer confidence, and amplify adoption and growth of electric vehicles in the country. A focused approach will address concerns, and facilitate entrepreneurial opportunities for various ecosystem players involved in the supply and installation of EV chargers, driving growth of the electric vehicle charging ecosystem. Aligned with the government’s vision, we are committed to expanding and fortifying the e-vehicle ecosystem, paving the way for seamless integration. The robust support for manufacturing and charging infrastructure propels us towards a future where sustainability meets innovation. With the introduction of e-buses for public transit and the launch of bio-manufacturing and bio-foundry schemes, we witness a shift towards eco-friendly alternatives and regenerative principles. As pioneers in charging infrastructure, we are thrilled to embark on this electrifying journey towards a cleaner, greener, and sustainable Bharat.”
Chakravarthi C, MD, Quantum Energy: “The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars”
K. Vijaya Kumar, MD & CEO, SAR Electric Mobility: “We welcome the focus on expanding and strengthening the e-vehicle ecosystem. The provisions to support manufacturing & charging infrastructure will help the industry realise the vision of accelerated e-mobility adoption and innovation. We hope that the government will also announce favourable provisions under the FAME III scheme and taxation to support the continued growth of the sector especially electric two-wheeler to increase green mobility adoption in everyday life.”
Niraj Rajmohan, Founder & CTO, Ultraviollete Automotive: “We firmly believe that electric mobility is the future. There is a compelling need and opportunity to accelerate adoption by establishing reliable ecosystems around EVs. We are happy to see the Government of India’s renewed commitment to EV manufacturing. The expansion of the charging infrastructure will make charging more accessible and boost the convenience for EV owners. While we appreciate the lower GST rates on EVs and chargers which have made EVs more affordable, we believe that the reintroduction of tax benefits for EV financing will greatly incentivise adoption. With respect to the larger policy framework, we continue to advocate that subsidies and benefits should spur cutting-edge technology development and not be capped by product cost.”
Manish Rathi, Co-Founder & CEO, IntrCity SmartBus: “The government’s prioritisation of improving public transportation and connectivity in the 2024 interim budget highlights the critical importance of efficient and reliable transportation in the country. Through promoting the thorough development and promotion of tourist destinations by individual states, the initiative aims to draw in more visitors from around the globe. In particular, the provision of long-term interest-free loans to states, matched by their own investments, is a noteworthy aspect. Not only does it facilitate crucial improvements to infrastructure and amenities, but it also ensures long-term sustainability and the optimisation of these developments to fully showcase the unique characteristics of each destination.”
“With the increasing enthusiasm among Indians for travelling within their own country, especially to spiritual and culturally significant destinations. The announced endeavours cater to the expanding middle-class income group, highlighting a progressive mindset in tapping into the untapped potential of the domestic market while simultaneously making Indian locales more attractive for everyone. The focus on domestic travel is not just a mere tactic; it serves to instil a sense of pride and knowledge in Indians about their own heritage while also jumpstarting socio-economic progress, especially in smaller cities.”
Himanshu Arora, Co-Founder, GoMechanic: “In the aftermath of Budget 2024, we applaud the government’s unwavering support for the thriving electric vehicle (EV) sector. The EV industry achieved a remarkable 46% YoY growth, selling 1.5 million units in 2023, underscoring its significance. The government’s emphasis on strengthening EV charging infrastructure perfectly aligns with our commitment to a sustainable automotive future. With potential GST rate reductions on components and an extended FAME subsidy scheme, we anticipate increased affordability and accessibility of EVs for all. Our pledge remains to adapt and deliver exceptional EV services, contributing to an eco-friendly automotive landscape.”
Tushar Choudhary, Founder & CEO, Motovolt Mobility: “We are optimistic about the government’s commitment to enhancing the e-vehicle ecosystem and promoting bio-manufacturing. The emphasis on eco-friendly manufacturing is praiseworthy, and as a Kolkata-based company, we are particularly pleased to see the focus on empowering the eastern region of India. While we appreciate the steps taken in the budget, we were eagerly anticipating more details on the developments of FAME-III. EV OEMs have successfully revolutionised electric bicycles in India, and we hoped for coverage under FAME-III to help e-bike makers conquer the final frontier of affordability and inclusivity in a much stronger manner in the years ahead.”
Ravi Chandarana, Co-Founder & CEO, KwikFix Auto: “The Union Budget 2024’s emphasis on infrastructure and sustainable development offers new horizons for the automotive sector, particularly in vehicle maintenance and safety. We are encouraged by the government’s vision of a more connected and environmentally conscious India. We anticipate these developments will foster a safer and more efficient automotive landscape, where quality maintenance is accessible to every vehicle owner, contributing to the nation’s broader goals of road safety and environmental stewardship.”
Dinesh Arjun, Co-Founder & CEO, Raptee Energy: “Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’, the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles”.
Ranjita Ravi, Co-Founder, Orxa Energies: “The Interim Budget of 2024 has mentioned plans on accelerating the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. We at Orxa Energies firmly believe in India’s commitment towards growing electric mobility across the country and we look forward to collaborating with the government in achieving this aspiration. We are also delighted with the Finance Minister’s mention of the government’s intent to bolster deep tech for defence purposes. We are optimistic that such initiatives will accelerate our work in defence technologies and widen our footprint in these realms.”
“Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government’s agenda, and we do expect supporting policies to follow soon,”
Shashank Donthi, CEO, Hynetic Electronics: “By the budget, delivered by Finance Minister Nirmala Sitharaman, it’s clear that India is taking significant strides toward a green economy, showcasing a commendable commitment to transformative changes. EV’s are set to transform the world in two ways. The first is how we use and deploy energy, which starts with revamping our grids. The second is how mobility is perceived in the masses, which again goes back to decentralising and democratising the adoption of energy-efficient systems. While there is a lot of room to innovate both in the upstream and downstream ecosystems surrounding EV’s, given their adoption worldwide, it’s a big boost to the economy if India becomes a hub of manufacturing EV’s. This is already in the making given how India compares amongst the top producers and consumers of EV’s globally.”
