Finance Minister Nirmala Sitharaman presented one of the shortest speeches while announcing Interim Budget 2024. But amongst the key highlights of her speech was the focus on electric vehicles. And this is what EV makers in India view it.
Atul Gupta, CEO, e-Sprinto: “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.”
Bharath Rao, Founder & CEO, Emobi: “The Interim Budget ignites a new era of innovation and opportunity for Electric Vehicles. This is a pivotal moment for Bharat’s industrial landscape. With a strong emphasis on the E-vehicle ecosystem and bio-manufacturing, India stands at the cusp of unprecedented innovation. The Government’s commitment to bolstering manufacturing and charging infrastructure lays a solid foundation for EV growth. It will reshape our consumption patterns and fuel green growth. As pioneers in the EV sector, we wholeheartedly welcome this transformative stride towards a greener, more prosperous future for all.”
Chakravarthi C, MD, Quantum Energy: “The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars.”
Dinesh Arjun, Co-Founder and CEO, Raptee Energy: “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. This will also break the ‘range anxiety’, the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles.”
Nemin Vora, CEO, Odysse Electric Vehicles: “Following the Interim Union Budget 2024, we enthusiastically embrace government’s vision for a ‘Viksit Bharat’ by 2047. We applaud the strategic focus on expanding the e-vehicle ecosystem, supported by manufacturing and charging infrastructure enhancements. The budget’s commitment to research and innovation, exemplified by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a golden era for our tech-savvy youth, aligning seamlessly with our mission for sustainable mobility solutions.”
Pragya Goyal, CEO & Co-Founder, Vegh Automobiles: “The infusion of thirty crore Mudra Yojana loans into the hands of women entrepreneurs is a game-changer, providing financial backing for aspiring female leaders to venture into the dynamic field of electric vehicle manufacturing. The commendable 28% surge in female enrolment in higher education, particularly in STEM courses, fortifies the talent pool for the EV sector. The emphasis on bolstering the EV ecosystem aligns seamlessly with our vision for a sustainable and eco-friendly mobility landscape. The move towards net zero emissions by 2070 is not only a commendable environmental goal but also a strategic boost for the EV sector. 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.”
Rajib Gangopadhyay, Founder, EMotorad: “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. Additionally, the budget allocates funds to youth-centric programs such as the Fund of Funds, Startup India, and Startup Credit Guarantee Schemes, empowering the youth and stimulating innovation. Finance Minister Nirmala Sitharaman’s announcement concerning the EV industry aims to accelerate the adoption of e-vehicles, aligning with global sustainability goals and emphasizing their role in reducing carbon emissions. The government’s dedication to bio-manufacturing and environmentally friendly practices aligns with the intention to achieve zero carbon emissions by 2070.”
Tushar Choudhary, Founder & CEO, Motovolt Mobility: “We are optimistic about the government’s commitment to enhancing the e-vehicle ecosystem and promoting bio-manufacturing. While we appreciate the steps taken in the budget, we were eagerly anticipating more details on the developments of FAME-III. EV OEMs have successfully revolutionised electric bicycles in India, and we hoped for coverage under FAME-III to help e-bike makers conquer the final frontier of affordability and inclusivity in a much stronger manner in the years ahead.”
Anurag Bansal, MD, 13D Research & Strategy: “The viability gap funding of up to 1GW in offshore wind energy truly speaks to the forward-thinking approach our government is adopting towards green energy. Additionally, the emphasis on boosting the EV sector by enhancing manufacturing and charging infrastructure feels like a step in the right direction for our environment. Although the net-zero target for 2070 is ambitious, given the growing role of fossil fuels, I believe these policy changes mark the beginning of a significant shift in India’s energy and environmental policies.”
