Amit Gupta, CEO and co-founder, Yulu

The CEO and co-founder of shared micro-mobility platform Yulu on his expectations from the Budget 2022.

“The EV ecosystem in India has shown a lot of intent & innovation, and now is at a tipping point. With the right kind of enabling policy and incentive support, it can take-off quickly and become sustainably mainstream. We urge the government to extend the FAME II benefits to ‘low speed EVs’ as they are safe, affordable and will accelerate mainstream adoption of EVs. Secondly, Battery is at the heart of EV success, so incentives for swapping infrastructure, like Battery-as-a-service (BaaS), in FAME II is an urgent need as well. Incentivising localised production and having a flat 5 percent GST regime for the entire EV supply chain will bring down the costs and de-bottleneck supply side which is needed to ensure long-term advantage.” 

“Solutions like shared EV mobility make a lot of sense for a populous nation like ours because it gives an easy entry point into EV adoption while optimising the use of vehicles added on the road. Recognising shared EV mobility as a priority industry will improve affordable access to capital and help bring scalable solutions. Also, given the capital-intensive nature of shared mobility business, monetisation of GST locked into Balance sheet will help link tax payments to revenue cash flows. Lastly, provisions for building enabling city infrastructure like special lanes for non-motorised vehicles (NMTs) will ensure user safety and give a fillip to EV adoption.”