Post Budget Quote – Mr. Shailesh Vickram Singh, Founder of Climate Angels
Mr. Shailesh Vickram Singh, Founder of Climate Angels
“FAME2 has demonstrated that with the right incentives and adequate supply, Indian customer is willing to pose their faith in EVs as in 2w space, India has seen almost 10X jump to 100,000 vehicles a month in less than one year.
With 20% of last-mile mobility already transitioned to EVs, the adoption is going fast and it has demonstrated that with the right model/pricing, India has enough appetite for EVs. And this huge demand surge has solved the chicken vs egg question related to the manufacturing of EV battery plants.
So far every question related to the building of giga batteries plant was met with the question of demand as for any large plant to be viable there has to be minimum demand of 4/5 GW and now we are standing at the inflection point where this is very much plausible.
Hence the decision to extend custom duty benefits for manufacturing of Li-On cells is a very good step as the increased volume will see capacity expansion on the domestic side which so far has been more import-driven due to low volumes.
This will result in huge domestic expansion as well as lead to innovation in the battery space where new battery packs will be more aligned to Indian conditions than global settings which will ultimately make EV vehicles, safer, cheaper, and better.”