UNION FINANCE Minister Nirmala Sitharaman’s announcement on electric vehicles during the budget has drawn praise from the industry.
Sulajja Firodia Motwani, Founder and CEO, Kinetic Green said, “We are glad that the government acknowledged EV industry’s appeal and has removed the customs duty on capital goods imported for the manufacturing of Lithium-ion batteries, which will result in making EVs more affordable for the masses. This will also boost the production of electric vehicles and components in India as part of the Make In India campaign.”
Motwani said, “We welcome the budget and as likely said by the Finance Minister, the budget presented today is the blueprint for India @100. As part of the ‘Sapthrishi’ Green Growth was a focus area for the budget and the announcements made will surely lead India towards achieving the goal of zero carbon emission by 2070.”
Motwani added, “With an emphasis on the Vehicle Scrappage Policy, reduction on basic customs duty rates for automobiles and focus on hydrogen fuel-powered mobility, the Union budget is positive for the auto sector and has re-enforced government’s commitment to accelerating EV and green mobility ecosystem in India.”
Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility Ltd, said, “We welcome the forward-looking budget presented by our Finance Minister. The budget has rightly been referred to as the vision of Amrit Kaal.
This year’s budget brings a big boost to India’s economy by covering all the verticals for the holistic development of the nation.
The sanctioning of Rs 35,000 crore for energy transition is a significant step toward India’s net zero goals and will undoubtedly provide a much-needed push to a sustainable tomorrow.
Tax exemptions on capital goods, lithium-ion batteries, and further reduction of customs duty will accelerate green mobility and rapid transition towards electric vehicles, making the sector stronger than before. We are eagerly looking forward to the government’s ambitious vision for upgrading the EV infrastructure ecosystem.”
