With FY2022 expected to see a robust growth for the electric vehicle segment, industry stakeholders are wishing that the Budget 2022 helps further accelerate demand for the green vehicles.
Uday Narang, chairman and founder, Omega Seiki Mobility shares his expectations from the Budget 2022.
“As a part of India’s growing EV industry, we hope that the Union Budget includes lowering of GST rates on raw materials, especially for the EV players. Support for R&D and indigenous technology development while lowering of GST on auto components should be on the top of the Finance Minister’s agenda list. Allocating funds for the Clean Air Campaign, which could be brought under the Swachh Bharat Mission to create better awareness and improve adoption of electric mobility.”
“To further strengthen the EV market, the government should consider categorising EVs in the priority lending sector. It will make EVs more affordable for the users and help in incentivising the whole transition. Export concessions can also be looked at to support the Indian EV manufacturers like us, so that we can tap new markets, making India not just ‘Aatmanirbhar’ but a global powerhouse. The EV sector is growing, but it needs continuous support from the government via better policy curation, implementations so that maximum benefits can be passed on to the end users.”