Budget 2024: How auto sector reacted to govt’s new EV push

 

The Interim Budget 2024 has brought a wave of optimism for the auto sector, particularly for the electric vehicle (EV) industry. Finance Minister Nirmala Sitharaman announced the government’s plan to expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure. The move has been welcomed by industry stakeholders and experts.

Maulik Manakiwala, Partner, Indirect Tax, BDO India, sees this as a positive shift towards EVs. He said, “The focus on expanding the EV charging network continues. This will also increase opportunities for a large number of small vendors for manufacturing, installation, and maintenance of EV charging networks.”

Mayuresh Raut, Co-founder & Managing Partner, Seafund, believes that the scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. He added, “The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs.”

Mr. Hyder Khan, CEO of Godawari Electric Motors, praised the government’s commitment to advancing sustainable development by enhancing and strengthening the EV ecosystem. He said, “These efforts will enhance EV adoption, paving the way for a cleaner, more interconnected future. The details of this announcement in the forthcoming budget will play a crucial role in steering the country’s net-zero agenda in a positive direction.”

Mr. Nitin Gupta, Co-Founder & CEO Of Attero Recycling, also welcomed the government’s focus on strengthening EV manufacturing and charging infrastructure. He said, “The push for e-buses adoption backed by a payment security mechanism will help in accelerating the transition to cleaner and more sustainable public transportation systems.”