As India gears up for the Union Budget 2024-25, the electric vehicle (EV) sector is abuzz with anticipation. Industry leaders across the spectrum are keenly awaiting budget announcements that could significantly influence the trajectory of EV adoption in the country. With the government poised to potentially extend and expand existing schemes, there is a collective hope for measures that address critical issues such as subsidies, infrastructure development, and technological innovation. The upcoming budget represents a pivotal moment for the EV industry, with various stakeholders voicing their expectations and proposing reforms to accelerate India’s transition to sustainable mobility.
Mr. Maxson Lewis, Founder & CEO of Magenta Mobility, anticipates the continuation and expansion of EV subsidies, similar to FAME II, to include larger vehicle segments. He emphasizes the need for increased R&D funding and domestic manufacturing support to make EVs more affordable and efficient.
Mr. Samarth Kholkar, CEO & Co-Founder of BLive, calls for robust government policies that incentivize EV adoption through subsidies, tax benefits and expanded charging infrastructure. He highlights the importance of improving financing options and developing a strong resale market for EVs.
Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, stresses the necessity for integrating AI and automation within the MSME sector. He emphasizes the need for government initiatives to bridge the gap in AI affordability and accessibility while developing a skilled workforce to navigate an evolving job landscape.
Ashwin Bhandari, CEO and Co-Founder of iVOOMi, advocates for the integration of GST rates for batteries and scooters, suggesting that targeted demand-side incentives and tax refunds could drive faster EV adoption. He also supports extending PLI coverage to MSMEs for a balanced and inclusive EV ecosystem.
Yogesh Bhatia, CEO and MD of LML, urges a focus on enhancing charging infrastructure and technology. He emphasizes the need for government support in improving charging networks, advancing faster charging technology, and stimulating innovation in EV design.
Mr. Kunal Arya, Co-Founder & Managing Director of ZELIO Ebikes, expects increased subsidies and expanded charging networks in the budget. He also advocates for lower GST rates on batteries and components, simplified financing options, and support for R&D and export incentives.
Ms. Madhumita Agrawal, Founder and CEO of Oben Electric, highlights the need to address the inverted duty structure in the two-wheeler segment and supports the rollout of a long-term FAME III subsidy. She also calls for standardized GST certification, R&D in sustainable materials, and incentives for indigenous manufacturing.
Pankaj Goyal, Co-Founder & COO of AutoNxt Automation Pvt. Ltd anticipates pivotal policy reforms including infrastructure development and targeted incentives for EV manufacturers. He emphasizes the need for subsidies for electric tractors and a supportive regulatory environment for fostering growth.
Hari Kiran, Co-Founder and COO of eBikeGo seeks increased subsidies, tax credits, and investment in EV charging infrastructure. He also supports local manufacturing, R&D, and comprehensive recycling frameworks to ensure sustainability in the EV sector.
Inderveer Singh, CEO and Founder of EVage expresses hope for the introduction of norms addressing commercial vehicle pollution and emphasizes the need for government intervention to decarbonize this sector.
Mahalingam Koushik, Co-Founder & CTO of Chara Technologies, urges support for startups in the EV sector through investments in R&D, infrastructure, and supply chain localization. He believes this will drive innovation and position India as a leader in the EV revolution.
Mr. Chakravarthi C., Managing Director of Quantum Energy, anticipates favorable announcements regarding FAME 3.0, GST reductions, and support for local battery production. He also highlights the importance of simplifying financing options and developing a robust charging infrastructure.
Mr. Mukesh Taneja, CEO and Co-Founder of GT Force hopes for the introduction of a long-term successor to EMPS 2024, focusing on domestic manufacturing, battery technology, and a reduction in GST rates. He also seeks support for startups and policies promoting renewable energy integration.
Mr. Sameer Aggarwal, Founder & CEO of Revfin, anticipates a shift towards holistic growth in the EV sector with government backing in green initiatives and support for fintech solutions facilitating EV financing. He also calls for clearer regulations to drive innovation.
Deepak Pahwa, Director at Bry-Air, looks forward to announcements supporting EV adoption, including extending the FAME subsidy and funding for Li-ion battery manufacturing. He also emphasizes the need for reduced GST on batteries and increased R&D allowances.
Mr. Devndra Chawla, MD and CEO of GreenCell Mobility seek permanent viability gap funding for State Transport Units, infrastructure sector tagging for financing, and incentives for electric bus operators. He also supports extending the FAME subsidy and improving cost sustainability through GST reductions.
Mr. Niraj Rajmohan, CTO and Co-Founder of Ultraviolette, anticipates initiatives and subsidy structures that support innovation and growth without segment caps. He also calls for benefits associated with the ‘Make in India’ initiative to enhance global market expansion and technological advancements.
The electric vehicle sector in India stands at a crossroads with the impending Union Budget 2024-25. The diverse perspectives from industry leaders highlight a shared optimism for transformative policies that could drive substantial growth and adoption of EVs. Key areas of focus include enhanced subsidies, improved infrastructure, and support for domestic manufacturing and R&D. As the government prepares to unveil its plans, the industry is hopeful that the budget will not only address current challenges but also pave the way for a greener, more sustainable future. The coming weeks will be crucial in shaping the path forward for India’s electric mobility revolution.
