Observations from the EV industry on Union Budget 2024

There were some interesting observations made by various players in the EV industry today, following the announcement of the Union Budget 2024.

Akash Gupta, Co-Founder and CEO, Zypp Electric:

"We applaud the government's commitment in the budget to nurturing the Electric Vehicle (EV) ecosystem. The allocation of resources towards the development of a robust infrastructure signifies a pivotal moment for our nation. This budget not only encourages entrepreneurship but also opens doors for a multitude of vendors, providing ample opportunities for supply and installation services. The emphasis on supporting manufacturing and charging infrastructure not only aligns with our company's mission but also ensures a sustainable future for the entire EV industry.

"Additionally, the focus on creating employment opportunities for the youth, particularly those with technical skills in manufacturing, installation, and maintenance, will catalyze innovation and growth. We look forward to collaborating with the government in realizing this shared vision and contributing to the electrifying transformation of our nation's mobility landscape.

Ms. Rashi Agarwal, CBO & Co-Founder, Zypp Electric:

"As a woman entrepreneur, the post-budget focus on empowering women is truly uplifting. The allocation of thirty crore Mudra Yojana loans reflects a powerful endorsement of our capabilities. The government's commitment to ease of living and preserving women's dignity has led to a commendable twenty-eight per cent rise in female higher education enrolment and forty-three per cent in STEM courses over the past decade. These initiatives are already making a substantial impact on women's workforce participation.

"Additionally, I applaud the government's forward-looking stance in supporting the electric vehicle (EV) sector. This move not only aligns with global sustainability goals but also presents immense opportunities for women entrepreneurs to contribute to a greener, technologically advanced future. The budget's dual focus on women's empowerment and the EV sector is a testament to our nation's commitment to inclusive progress and environmental sustainability."

Benjamin Lin, President, Delta Electronics India:

"Budget 2024 brings a significant boost to the future of mobility. The dedicated support for manufacturing and charging infrastructure is a game-changer, promising exponential growth in our industry. The encouragement for greater adoption of e-buses in public transport networks, coupled with the implementation of payment security mechanisms, not only propels environmental sustainability but also sparks innovation and economic prosperity. This strategic move not only aligns with our values at Delta Electronics India but also signifies a significant leap towards a greener and technologically advanced future for the entire industry.

Niranjan Nayak, MD, Delta Electronics India:

"I welcome the strategic initiatives laid out in the 2024 budget. The government's strong support for the e-vehicle ecosystem, including manufacturing, charging infrastructure, and incentivizing e-bus adoption, is likely to bring about important changes in our industry.

"Additionally, the introduction of secure payment mechanisms for e-buses addresses a crucial obstacle to public acceptance. At Delta Electronics India, we understand the transformative potential of e-mobility and are prepared to use our global expertise and local knowledge to accelerate its development. This budget represents a significant step towards cleaner air, sustainable transportation, and a thriving domestic EV industry. We are excited to be part of this journey."

Hyder Khan, CEO of Godawari Electric Motors:

"Our government is committed to advancing sustainable development by enhancing and strengthening the electric vehicle (EV) ecosystem. Through robust backing of manufacturing and charging infrastructure, they have reinforced the groundwork for a more environmentally friendly future.

"The focus on creating accessible and eco-conscious mobility solutions underscores the significance of this announcement in the budget. These efforts will enhance EV adoption, paving the way for a cleaner, more interconnected future. The details of this announcement in the forthcoming budget will play a crucial role in steering the country's net-zero agenda in a positive direction.

Rohan Shravan, Founder and CEO of Tresa Motors:

"Tresa Motors commends the Interim Budget 2024 for taking strides towards a greener future. The focus on strengthening the EV ecosystem through manufacturing support and state-wide charging infrastructure development is a welcome step. This will undoubtedly accelerate EV adoption, especially in the crucial commercial vehicle segment. We're also encouraged by the vision for rooftop solarisation and free electricity, empowering consumers and contributing to energy security.

"The installation of 1.3 crore LED street lights further demonstrates the government's commitment to sustainable infrastructure and improved road safety. While these initiatives are impactful, we believe the budget could have further fuelled India's economic engine by considering additional measures. Targeted incentives for local battery production and recycling facilities would bolster supply chain resilience and create valuable jobs. Additionally, extending FAME-II subsidies beyond two-wheelers to include commercial EVs would significantly accelerate their adoption, promoting cleaner logistics and reducing carbon footprint. We remain optimistic that future policies will address these points, and Tresa Motors stands ready to actively contribute to building a cleaner, more sustainable transportation future for India."

Prashanth Doreswamy, President and CEO, Continental India:

“We, at Continental, appreciate the Indian government's commitment to skill development and the successful training of 1.4 crore youth under the Skill India Mission. Advancements in technology mandate specialized skills and we have been speaking about this regularly. A skilled workforce is key in any sector and automotive technology is no exception. With all the focus on R&D in the automotive technology sector India, there is definitely a need to increase collaboration between the industry and academia in order to align with the evolving needs.

"The government’s commitment towards the EV ecosystem is also worth appreciation, and this is also in keeping with the needs of the current times, especially as the plan is to expand and strengthen support of manufacturing and charging infrastructure – both critical aspects for faster adoption. With the government encouraging greater adoption of e-buses for public transport through payment security mechanism, it gives the automotive sector an opportunity to explore the same as well.

"With the allocation of a mega capital outlay for net-zero objectives, the Energy Transition Fund is also a positive move. This will also impact the automotive sector, especially in the development and adoption of new-age fuels like green hydrogen, ethanol, and biofuels. An alignment of the automotive sector’s R&D efforts with this government focus can help businesses stay ahead in the game.

"We also appreciate the introduction of the scheme for bio-manufacturing and bio-foundry, recognizing its potential to promote green growth and provide environmentally friendly alternatives. Sustainability has been a key focus for Continental – from material to product and this will help us align with the government and also stay at the forefront of innovation keeping in mind sustainability.”

Kartikey Hariyani, Founder and CEO, ChargeZone:

"We wholeheartedly support the Government's vision outlined in the Interim Budget 2024, reflecting a strong commitment to the electric vehicle (EV) ecosystem. ChargeZone is perfectly aligned with this vision, emphasizing the need to fortify both EV manufacturing and charging infrastructure. The encouragement of e-buses in public transport networks, along with the implementation of a robust payment security mechanism not only accelerates the adoption of sustainable transportation, but also propels the growth of the EV charging sector.

"We are glad to be able to play a key role in steering this positive transformation by actively contributing to the manufacturing, installation, and maintenance of EV charging stations across the country. As part of the National Highway Electrification Scheme, we've also been electrifying state and national highways by installing fast chargers for seamless and accessible charging for EV owners, demonstrating our vision of accelerating India’s transition to green mobility."