2024 Auto Industry’s Budget Optimism, Quote from ElectricPe

“In the past year, favourable Government policies and confidence in the sector has led to a surge in EV sales and production, exiting the nascent stage. With the upcoming budget we’re hoping for an equitable landscape with subsidies and incentives, across state and centre. This will not only increase production, but also sales, usability and support. The extension of FAME 2 to FY25 is in itself a great sign for the continued development of the industry. Additionally, the GST rate on batteries needs to be lowered from 18% down to 5%, in line with Battery EVs, which will bring battery swapping and battery subscription in line with traditional EVs, a much needed step. With regards to GST, there is also a need for parity of 5% GST rate across states for charging, to enable faster adoption of EVs and infrastructure development, which we hope we will see in this budget.”

Attributed to Avinash Sharma, Co-Founder & CEO, ElectricPe