Union Budget 2023 wish list: ELECTRIC VEHICLES

‘Government must prioritize research over sales if India is to become a world leader in this technology’

The Tech Panda asked the Electric Vehicle (EV) industry what their expectations are from the upcoming Union Budget 2023.

The Union Budget 2023 is almost here, and the EV industry has high hopes from the Finance Minister Nirmala Sitharaman on 1^st of February 2023.

Last year’s Budget announced a battery swapping policy as an alternative to setting up charging stations in urban areas.

The proliferation of electric vehicles exemplifies their growing popularity, as indicated by previous sales figures and the visibility of the number of EV vehicles on the roads. What’s more encouraging is that electric two-wheelers are paving the way for the greater adoption of electric vehicles in India.

The Tech Panda asked the EV industry what their expectations are from the upcoming Union Budget 2023.

Mukesh Taneja, Co-founder & CEO, GT Force

“While multiple regulations for the auto industry are anticipated in the upcoming Budget, the central emphasis should however remain on the evolving electric vehicle space, given its potential to decarbonize India’s transportation industry.

We highly await calculated EV-friendly policies in Budget 2023 that can aid in maintaining the industry’s ongoing solid growth momentum

“As the EV sector may witness yet another volatile supply chain disruption if the key markets experience a downturn, so we highly await calculated EV-friendly policies in Budget 2023 that can aid in maintaining the industry’s ongoing solid growth momentum.”

Rajesh Saitya, Co-founder & COO, GT Force

“A crucial necessity for EV penetration is to facilitate a vast system of charging points; thus, there is also a massive need to mandate the installation of EV charging points in all existing and upcoming housing estates and commercial properties.

A crucial necessity for EV penetration is to facilitate a vast system of charging points; thus, there is also a massive need to mandate the installation of EV charging points in all existing and upcoming housing estates and commercial properties

“Moreover, we are optimistic that the FAME II subsidy will be extended well beyond 2024 in order to maintain consumer demand and accelerate EV implementation beyond metro cities.”

Muzammil Riyaz, Founder, EVeium Smart Mobility

“The Indian government has launched policies and measures to incentivise the EV industry, but the same can only be leveraged when a parallel charging infrastructure is developed. While we are encouraging people to opt for EVs through subsidies and incentivization, in the end, only a hassle-free experience can sustain the trust of the consumers.

The Indian government has launched policies and measures to incentivise the EV industry, but the same can only be leveraged when a parallel charging infrastructure is developed

“We expect the government to accelerate the same by allocating budgets to ramp up EV architecture that is competent, connected, and sustainable. Moreover, there is an immediate requirement to spread awareness about the auto scrappage policy in order to spur the phasing out of end-of-life vehicles, which can assist steer EV purchases even further.”

Anmol Bohre, Co-founder & Managing Director, Enigma

“Despite being a large market, the government must prioritize research over sales if India is to become a world leader in this technology. Incentives should be allocated for collaborations with universities to advance the R&D of EV technology.

Financial provisions to establish solar-powered charging stations in collaboration with the government to achieve zero-emission capabilities for electric vehicles is highly desirable

“Recent controversies involving the alleged misappropriation of funds under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) subsidy program, highlight the need for careful consideration of the long-term consequences of such incentives. Therefore, it would be beneficial to allocate the FAME subsidies directly to customers’ accounts.

“As the growth of the EV industry depends on charging infrastructure, designated funds for the development of charging stations along major roads, both national and state is required. In this regard financial provisions to establish solar-powered charging stations in collaboration with the government to achieve zero-emission capabilities for electric vehicles is highly desirable.”