Expectations from Union Budget 2024 for the EV Industry

Expectations from Union Budget 2024 for the EV Industry
Mr. Manideep Katepalli, Co-Founder at BikeWo

Mr. Manideep Katepalli, Co-Founder at BikeWo on the expectation from the Union Budget 2024:"Despite last year's commendable 33% surge in EV registrations, our industry encounters persistent challenges. Chief among these hurdles is the imperative need for robust charging infrastructure, pivotal in inspiring confidence among potential buyers and propelling the widespread adoption of electric vehicles (EVs) as a sustainable mode of transportation.
Another barrier remains the relatively higher initial cost of EVs, often deterring consumers. However, the promise of life tax subsidies for electric vehicles and the availability of accessible EV financing options hold immense potential to mitigate this challenge.

The integration of EV infrastructure into Priority Sector Lending (PSL) is poised to bolster credit flow into the sector by mandating financial institutions to provide support, thus promising a significant boon.

A supportive regulatory framework coupled with financial incentives aimed at fostering research and development within the EV sector stands as an indispensable pillar. These measures not only drive innovation but also attract investments, creating an environment conducive to widespread EV adoption.
Ultimately, these strategic initiatives play a pivotal role in establishing an enduringly sustainable and eco-friendly transportation ecosystem."