The future is electric with EV the best option for sustainable development. However, the low demand and high cost are arresting its growth in India. Government being the largest enterprise of a country, the adoption push needs to come from them. While the GST reduction from 12% to 5%, and an additional rebate of Rs1.5 lakh of interest on loan for EV purchase is a welcome move, the FAME 2 scheme will only reap benefits when the GOI is able to create sustainable demand, bring down the cost of manufacturing with ‘Make in India’, and build infrastructure for EV charging stations the way we have petrol pumps today. Therefore, while a lot of efforts have gone in for bringing the policy, there’s a lot more to be done to make EV sustainable and a success story in India.
Snehashish Bhattacharjee, Global CEO, Denave “The budget, overall, is positive and covers the entire gamut of economic pillars in one go - farmers, youth, start-ups, women, middle-class segment, health society, green energy etc. Extending the 25% corporate tax applicability to INR 400 Cr turnover companies (pretty much 99.3% of the organizations in the country) is in line with the commitment of this government to reduce corporate tax across segments. The FM, acknowledging the angel tax issue will give a boost to the start-up ecosystem, which will set our course towards nurturing the camaraderie of technology and innovation. It shall also prove to play a pivotal role in boosting and increasing employment opportunities. Further, the Gaon Gareeb & Kisan forum will help in improving the quality of life at the grass-root level. The budget will serve the country with an environment to grow and experience the best, with the entire gamut of economic verticals coming together to bring India’s vision into reality.”