Mr. Jeetender Sharma, Founder & Managing Director, Okinawa Autotech Pvt. Ltd.
The Union Budget 2019-20 is very progressive and growth-oriented. Hon’ble Finance Minister’s emphasis on FAME II initiative and pushing EV infrastructure will help in attracting investment for local manufacture of components which will further strengthen Make In India initiative and ensure clean and green energy over time. Positive moves like reduction of GST to 5 percent from 12 percent on Electric Vehicles and Tax benefits upto Rs 1.5 Lakh on EV Loan will make EVs affordable for consumers. With emphasis on offering upfront incentive on purchase of EVs and the push to power availability, we expect more buyers of two-wheeler vehicles to shift preference to electric two-wheelers which in turn will help the EV industry’s growth.
“With Rs 80,250 crore dedicated to building 125,00 km of roads in the next 5 years, the budget has also heavily focussed on construction and development of roads which will be another boost towards demand from rural economy. This will positively impact the two-wheeler industry in rural sector and increase pick-up of Electric Two-Wheelers. “
The Government’s mission to bring e-mobility revolution to India by 2030 is a truly commendable and will provide the much needed impetus to the industry. As the government gears up for clean and green mobility, we are hopeful that India will emerge as one of the leading manufacturing hubs for electric vehicles.
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