In the Budget 2024 announcement, Finance Minister Nirmala Sitharaman spoke about plans to boost the electric vehicle scene in India. During her pre-election Budget presentation, which acts as a temporary plan until a new government is elected, Sitharaman highlighted the government’s commitment to expanding charging stations and manufacturing facilities for electric vehicles.
Additionally, she talked about the promotion of electric buses for public transportation. Another significant move includes allocating Rs 1 lakh crore towards providing long-term, interest-free loans to support research and development initiatives, aiming to enhance innovation and bolster the electric mobility infrastructure across the country. Here’s how the automobile industry, including EV players, reacted to the announcements.
Vinod Aggarwal, President-SIAM, highlighted the importance of the government’s move, saying, “The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure, will boost the development and adoption of EVs in the country. He further stated, the encouragement of Payment Security Mechanism for adoption of e-buses for public transport networks is also a welcome step.”
Sona Comstar and Chairman of the CII Europe Committee, Sunjay J Kapur, emphasized, “The budget supports the expansion of electric mobility by boosting EV manufacturing and charging infrastructure and promoting e-buses, aligning with global decarbonization efforts. It will provide impetus to make electric vehicles more accessible to the people of India. In addition, the rooftop solarization of 1 crore households will help the country move towards cleaner energy. By envisioning an ecosystem conducive to create and innovate, this budget paves the way for transformative growth, ensuring India’s prowess resonates worldwide. A budget blueprint that focuses on India’s ambition to emerge as Vikshit Bharat by 2047.”
Balbir Singh Dhillon, Audi India, welcomed the government’s focus on building a robust EV ecosystem, stating, “Continued focus from the government on building a robust EV ecosystem in the Interim Budget is welcome. Investments in charging infrastructure are crucial to address range anxiety and accelerate EV adoption. Noteworthy is the substantive development of all physical, digital and social infrastructure. We remain optimistic on progress towards an electric future.”
Akash Gupta, Co-Founder and CEO, Zypp Electric, commended the government’s commitment to nurturing the Electric Vehicle (EV) ecosystem, saying, “We applaud the government’s commitment in the budget to nurturing the Electric Vehicle (EV) ecosystem. The allocation of resources towards the development of a robust infrastructure signifies a pivotal moment for our nation. This budget not only encourages entrepreneurship but also opens doors for a multitude of vendors, providing ample opportunities for supply and installation services. The emphasis on supporting manufacturing and charging infrastructure not only aligns with our company’s mission but also ensures a sustainable future for the entire EV industry. Additionally, the focus on creating employment opportunities for the youth, particularly those with technical skills in manufacturing, installation, and maintenance, will catalyze innovation and growth. We look forward to collaborating with the government in realizing this shared vision and contributing to the electrifying transformation of our nation’s mobility landscape.”
Pragya Goyal, CEO & Co-Founder, Vegh Automobiles, predicted positive outcomes from the budget, stating, “The planned expansion of manufacturing will likely lead to increased production capacities, fostering innovation and competitiveness. Moreover, the focus on charging infrastructure development is pivotal, addressing a critical aspect that has often been a consideration for potential EV adopters. As a manufacturer, we anticipate these initiatives will significantly contribute to the growth of the electric vehicle market in India, making sustainable mobility more accessible and attractive to a broader consumer base.”
Dinesh Arjun, Co-founder and CEO, Raptee Energy, praised the government’s initiatives, saying, “Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest.”
Rajib Gangopadhyay, Founder EMotorad, expressed optimism, stating, “In the 2024 interim budget, the Indian government has delivered promising news for the electric vehicle (EV) industry and startups. The extension of tax benefits for startups until March 31st, 2025, provides crucial relief for early-stage businesses, fostering an environment conducive to growth.”
Vaibhav Kaushik, Co-founder and CEO, Nawgati, praised the government’s focus on green energy, saying, ”We praise the focus on green energy, with specific measures for the e-vehicle industry and bio-manufacturing. The announcement of viability gap funding for shore-wind energy projects and the promise to establish coal gasification and liquefaction capacity indicates that the government is committed to sustainable practices.”
Anshul Gupta, Managing Director, Okaya EV, welcomed the government’s support, stating, “We welcome the government’s commitment to support the sector. This support will undoubtedly catalyze the development of robust and efficient EV ecosystems, making electric vehicles more accessible and appealing to a broader audience.”
Atul Gupta- Co-founder & Director, e-Sprinto, acknowledged the government’s initiatives, saying, “Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government’s agenda, and we do expect supporting policies to follow soon.”
Additionally, she talked about the promotion of electric buses for public transportation. Another significant move includes allocating Rs 1 lakh crore towards providing long-term, interest-free loans to support research and development initiatives, aiming to enhance innovation and bolster the electric mobility infrastructure across the country. Here’s how the automobile industry, including EV players, reacted to the announcements.
Vinod Aggarwal, President-SIAM, highlighted the importance of the government’s move, saying, “The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure, will boost the development and adoption of EVs in the country. He further stated, the encouragement of Payment Security Mechanism for adoption of e-buses for public transport networks is also a welcome step.”
Sona Comstar and Chairman of the CII Europe Committee, Sunjay J Kapur, emphasized, “The budget supports the expansion of electric mobility by boosting EV manufacturing and charging infrastructure and promoting e-buses, aligning with global decarbonization efforts. It will provide impetus to make electric vehicles more accessible to the people of India. In addition, the rooftop solarization of 1 crore households will help the country move towards cleaner energy. By envisioning an ecosystem conducive to create and innovate, this budget paves the way for transformative growth, ensuring India’s prowess resonates worldwide. A budget blueprint that focuses on India’s ambition to emerge as Vikshit Bharat by 2047.”
Balbir Singh Dhillon, Audi India, welcomed the government’s focus on building a robust EV ecosystem, stating, “Continued focus from the government on building a robust EV ecosystem in the Interim Budget is welcome. Investments in charging infrastructure are crucial to address range anxiety and accelerate EV adoption. Noteworthy is the substantive development of all physical, digital and social infrastructure. We remain optimistic on progress towards an electric future.”
Akash Gupta, Co-Founder and CEO, Zypp Electric, commended the government’s commitment to nurturing the Electric Vehicle (EV) ecosystem, saying, “We applaud the government’s commitment in the budget to nurturing the Electric Vehicle (EV) ecosystem. The allocation of resources towards the development of a robust infrastructure signifies a pivotal moment for our nation. This budget not only encourages entrepreneurship but also opens doors for a multitude of vendors, providing ample opportunities for supply and installation services. The emphasis on supporting manufacturing and charging infrastructure not only aligns with our company’s mission but also ensures a sustainable future for the entire EV industry. Additionally, the focus on creating employment opportunities for the youth, particularly those with technical skills in manufacturing, installation, and maintenance, will catalyze innovation and growth. We look forward to collaborating with the government in realizing this shared vision and contributing to the electrifying transformation of our nation’s mobility landscape.”
Pragya Goyal, CEO & Co-Founder, Vegh Automobiles, predicted positive outcomes from the budget, stating, “The planned expansion of manufacturing will likely lead to increased production capacities, fostering innovation and competitiveness. Moreover, the focus on charging infrastructure development is pivotal, addressing a critical aspect that has often been a consideration for potential EV adopters. As a manufacturer, we anticipate these initiatives will significantly contribute to the growth of the electric vehicle market in India, making sustainable mobility more accessible and attractive to a broader consumer base.”
Dinesh Arjun, Co-founder and CEO, Raptee Energy, praised the government’s initiatives, saying, “Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest.”
Rajib Gangopadhyay, Founder EMotorad, expressed optimism, stating, “In the 2024 interim budget, the Indian government has delivered promising news for the electric vehicle (EV) industry and startups. The extension of tax benefits for startups until March 31st, 2025, provides crucial relief for early-stage businesses, fostering an environment conducive to growth.”
Vaibhav Kaushik, Co-founder and CEO, Nawgati, praised the government’s focus on green energy, saying, ”We praise the focus on green energy, with specific measures for the e-vehicle industry and bio-manufacturing. The announcement of viability gap funding for shore-wind energy projects and the promise to establish coal gasification and liquefaction capacity indicates that the government is committed to sustainable practices.”
Anshul Gupta, Managing Director, Okaya EV, welcomed the government’s support, stating, “We welcome the government’s commitment to support the sector. This support will undoubtedly catalyze the development of robust and efficient EV ecosystems, making electric vehicles more accessible and appealing to a broader audience.”
Atul Gupta- Co-founder & Director, e-Sprinto, acknowledged the government’s initiatives, saying, “Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government’s agenda, and we do expect supporting policies to follow soon.”
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