Budget 2023 Expectations Highlights: Farmer-centric programmes likely in Budget, says
Like last year’s Union Budget which was positive for the EV industry, this year too she expects it to favour the sector.
“2022 was a significant year for the EV sector in India. The industry saw EVs outnumbering ICE (internal combustion engine) in the three-wheeler sector, a significant rise in sales of EVs, and the initiation of EV component manufacturing in the country,” Motwani said.
According to her, while India is heading strongly toward the EV revolution, supply chain constraints limited the movement.
The support for E-mobility should continue with extension of FAME-II by another three to five years. This will help in building a long-term foundation for the EV segment in India by making EV mainstream with a 20-25 per cent penetration.
“It is imperative to mention that FAME has helped to increase EV penetration but we have just achieved only five per cent penetration. If subsidy is not extended, the cost of EVs would increase substantially and it would delay and derail E- Mobility movement,” Motwani said.
She also urged the government to lower the import duty on battery cells for 3-4 years to support EV movement until localised production starts.
Read More: Budget 2023 Expectations Highlights: Farmer-centric programmes likely in Budget, says
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