Quote on Budget expectation by Ms Sulajja Firodia Motwani, Founder and CEO of Kinetic Green
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Below the Quote on Budget expectation by Ms Sulajja Firodia Motwani, Founder and CEO of Kinetic Green
"The Government of India (GoI) has provided commendable support to kick-start the Electric Vehicle (EV) revolution in the past five years. However, to meet the ambitious target of increasing EV penetration from the current 6% to 30% by 2030, substantial additional measures are required.
We are anticipating the announcement of FAME 3 in the upcoming Budget to sustain and accelerate EV demand, especially since the current scheme is set to end on July 31. The industry urgently calls for the continuation of the FAME scheme with a clear roadmap for the next 3 to 5 years. This continuity is crucial for maintaining the momentum of investments and efforts towards EV adoption.
Furthermore, we request support for the development of charging infrastructure in key corridors of 10-15 major cities and surrounding highways. This will be pivotal in promoting the use of electric four-wheelers (e4W) and commercial vehicles (CVs) across India.
In addition, GST reforms has been an ask from the EV sector, specifically reduction of GST on lithium-ion batteries to 5% (from current rate of 18%) and the lowering of GST on EV charging services to 5%. These changes will significantly enhance the affordability and overall ownership experience of EVs for customers.
The combined impact of these measures will be instrumental in achieving the critical mass necessary for meeting the GoI's 2030 EV target of 30 % EV and creating a sustainable EV ecosystem in India.”
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