The stakeholders in the EV segment feel that the Interim Budget focused on key sectors and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure.
The Interim Budget of 2024 mentioned plans on accelerating the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. Additionally, the encouragement of greater adoption of e-buses for public transport networks through payment security mechanisms is a notable benefit which will not only pave the way for increased EV sales and adoption but also open doors for burgeoning job opportunities and entrepreneurial ventures within the sector.
“Such efforts remain dedicated to driving India's green mobility revolution forward. There is also an anticipated outcome in the form of economic empowerment which will equip the youth with valuable technical skills, ensuring a robust workforce for the manufacturing of EV chargers, and associated equipment. We look forward to the July budget where the focus will be on Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and much-anticipated FAME III scheme,” remarked Pratik Kamdar, CEO and Co-founder, Neuron Energy.
Players in the EV segment feel that it is encouraging to see the focus on research and innovation which can further grow the EV ecosystem. Players expect that the government rolls out details of the scheme in the coming days for growing the EV public charging infrastructure.
“The availability of public chargers across the country will significantly grow. his will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government's support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infrastructure will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infrastructure. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles,” observed Dinesh Arjun, Co-founder and CEO, Raptee Energy.
The emphasis on improving manufacturing and charging infrastructure has aligned perfectly with many EV players along with the adoption of electric buses as it will aim for a more environmentally responsible tomorrow. “The growing adoption of e-buses for public transport networks is a commendable step that not only solves environmental issues but also paves the way for significant growth in the electric vehicle market. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance,” remarked Sudhir Mehta, Founder and Chairman, Pinnacle Industries and EKA Mobility.