Union Budget Expectations: Finance Minister Nirmala Sitharaman will present a full union budget for the financial year 2024-25 on July 23 in Lok Sabha. Sitharaman, who retained her finance portfolio in the Modi 3.0 government, had earlier tabled an interim budget in February ahead of the 2024 general elections.
As Narendra Modi backed as Prime Minister for the third time after forming government with support of its allies like Janata Dal United (JDU), Telugu Desam Party (TDP) and others, experts from across the industries are seeking favourable reforms and assistance from the Budget.
Meanwhile, the Electric Vehicle Industry is seeking major favour from the Unin Budget 2024-25.
Prashant Vashistha, CMD of Sokudo Electric India is hopeful of favourable announcements and clarity in policy implementations.
“As a manufacturer of electric two-wheelers, I have optimistic expectations from the upcoming Budget 2024 and hope for favourable announcements and clarity in policy implementation. To begin with, I look forward to targeted incentives like FAME 3.0 that could make electric two-wheelers more affordable for everyday commuters, enabling us to increase our market presence. Additionally, reducing GST on EVs and offering higher purchase subsidies could help make a significant difference in the rate of consumer adoption. As an industry player, we anticipate more support for local battery production and innovation. Similarly, more support to boost the ‘Make in India’ initiative and localized manufacturing of our electric two-wheelers could help Indian EV manufacturers like us build more efficient and sustainable mobility solutions that can compete with international brands and are accessible to the broader consumer segment. I think such measures could help us enhance the overall EV ecosystem and support the electrifying transition in transportation, making green commuting a reality for millions,” said Prashant Vashistha.
Recommended For You
Also read: Stock Market: Equity Market Observes Holiday On Muharram, Check List of All Holidays In 2024
Akihiro Ueda, CEO of Terra Charge, a charging solution provider, demands implementation of policies like FAME 3.
“As a charging infrastructure solution provider, I have high hopes for the upcoming Budget 2024 and look forward to favourable policies such as the much-awaited FAME 3 scheme. With an anticipated outlay of Rs. 10000 crore in the budget, FAME 3 could provide necessary support to EV producers and consumers. As an industry player, we also hope the upcoming budget will have specific provisions like subsidies and tax benefits for the charging infrastructure sector that could help us expand our electric vehicle charging services and accelerate the deployment of charging stations across India. This support would be important for reducing range anxiety and encouraging wider EV adaptation in the country. I also expect more funding and streamlined policies towards R&D efforts in battery technology and grid integration to support the charging sector’s growth. With the support from pro-EV budget announcements, we could align our goal of creating a greener future by strengthening charging capacity and making EV ownership more affordable for all consumers,” Akihiro Ueda commeneted.
Nehal Gupta, Founder and MD of AMU anticipates an outlay of Rs 10000 core for the Ev industry from the union budget 2024-25.
“The entire industry expects a positive announcement about FAME 3.0 with an anticipated outlay of Rs. 10000-crore in the Union Budget 2024. Such a timely move with provisions for lenders and borrowers could amplify EV sales penetration and incentivize more NBFCs to offer financing to fleet and retail buyers. Besides EVs, I expect the upcoming budget to announce provisions for vehicles powered by hydrogen and biofuels to pave the way for India’s cleantech space. Judging by the government’s pro-industrial stance, we can expect measures that could boost private investments through initiatives like PLI schemes and increased CAPEX allocation for MSMEs and cleantech startups including EVs and agri drones. As a cleantech financing player, I look forward to an improved investment structure, reduced interest burden for EV entrepreneurs and buyers, especially women borrowers, and a dedicated share of funds for NBFCs offering cleantech financing. I also believe that more supportive measures for cleantech NBFCs can enable the new-age financing firms to tailor their offerings per the demands of the evolving cleantech space in India,” said Nehal Gupta.