Arun Sreyas, Co-Founder of RACEnergy

One of the most frugal ways of transitioning to electric mobility is retrofitting the existing internal combustion engine (ICE) based vehicles with electric propulsion kits. This will see a massive proliferation in the commercial transportation segment given the right kind of financial incentives on a par with new electric vehicles like GST rates and subsidies. The upcoming budget and the financial policy would do well to introduce structured schemes and guidelines for covering electric propulsion retrofit kits under standard automobile loans and insurances, if not provide even better incentives. Moreover, it will be good to see technologies like battery swapping brought under the existing fiscal policy for EVs