Budget Expectation quote from Ms. Sulajja Firodia Motwani, Founder and CEO, Kinetic Green
By Ms. Sulajja Firodia Motwani, Founder and CEO, Kinetic Green
“2022 was a significant year for the EV sector in India. The industry saw EVs outnumbering ICE in the three-wheeler sector, a significant rise in sales of EVs, and the initiation of EV component manufacturing in the country. While India was heading strongly toward the EV revolution, supply chain constraints limited the movement. But the Government of India’s continuous thrust toward ‘Make In India’ supported the auto industry to start the production of battery cells and other auto/EV components locally.
Last year’s Budget was positive for the Electric Vehicle sector, which reinforced Government’s commitment to accelerate EV and green mobility. I expect the same from the upcoming Budget as this will further strengthen our country’s journey towards a green future.
The support for E-mobility should continue with the extension of FAME-II for another 3 to 5 years. This will help in building a long-term foundation for the EV segment in India by making EVs mainstream with a 20-25 percent penetration. It is imperative to mention that FAME has helped to increase EV penetration but we have just achieved only 5 percent penetration. If the subsidy is not extended, the cost of EVs would increase substantially and it would delay and derail E- Mobility movement.
I also urge the Government to lower the import duty on battery cells for 3-4 years to support EV movement until localized production starts.
India has started adopting EVs as a mobility solution, and with continuous support from the Government, we will make great progress in the coming decade.”