Business leaders in the automotive space hailed the Interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman for its clear focus on strengthening the electric vehicle ecosystem at large. VINOD AGGARWAL, PRESIDENT, SIAM AND MD & CEO, VECV, said, “The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure, will boost the development and adoption of EVs in the country.” He further stated, “The encouragement of Payment Security Mechanism for adoption of e-buses for public transport networks is also a welcome step.”
“The interim budget injects renewed vigor into the automotive industry by emphasising green energy and infrastructure development, with a notable 11.1% increase in capital expenditure. The budget resonates with VECV’s focus on sustainable mobility, addressing challenges in EV charging infrastructure and fostering entrepreneurial opportunities. With our development plans addressing Electric, H2ICE , Fuel Cell Electric and LNG, in addition to CNG and clean Diesels, VECV stands ready to provide tested alternate fuel solutions to customer in line with the government's Net-Zero vision.”
SOHINDER GILL, CEO, HERO ELECTRIC: "We appreciate that the budget reinforces commitment towards sustainability and emphasizes a green public transportation system, prioritising a strong charging infrastructure for widespread adoption of electric vehicles. However, a noticeable gap in the budget is the absence of a sustained and continued direct customer subsidies, a critical element that played a substantial role in driving the adoption of electric vehicles across various categories over the last two years. We eagerly await the government's comprehensive strategy and commitment to sustaining the electric vehicle manufacturing ecosystem. It is anticipated that a combination of fiscal and non-fiscal interventions will be outlined, offering crucial support for the industry in the coming years until it achieves a threshold for self-sustained growth. We look forward to playing our part, providing environmentally conscious solutions that resonate with the nation's strong commitment to a sustainable and electric tomorrow."
KAMAL BALI, PRESIDENT & MD - VOLVO GROUP IN INDIA: “The interim budget by the FM continued with upholding India's impetus on inclusive and sustainable growth, backed by responsible and efficient governance. It was a pleasant surprise to see aggressive fiscal deficit goals and stable macroeconomic performance, while furthering capex on physical infrastructure as well as DPI. The one-lac crore support to technology & innovation is a very thoughtful and a compelling idea that will propel India on course to Viksit Bharat. Likewise is the focus on farm sector and MSMEs. Overall, an outstanding interim budget.”
PRASAN FIRODIA, MD, FORCE MOTORS: “It is heartening to note the balanced and growth-oriented Interim Budget for the fiscal year 2024-25. The budget focuses on boosting capital expenditure to strengthen the nation's infrastructure, creating a conducive ecosystem that fosters innovation and entrepreneurship and laying the groundwork for transformative progress in various sectors. We, at Force Motors, look forward to further strengthening the Auto Industry and contributing to building a sustainable future for our nation.”
SULAJJA FIRODIA MOTWANI, FOUNDER AND CEO OF KINETIC GREEN, said "Today's announcements on the interim budget for Viksit Bharat illustrate the government's steadfast commitment to creating a developed India by 2047. The significant progress gained in all aspects of infrastructure physical, digital, and social over the last decade demonstrates our multifaceted economic management, which effortlessly aligns focus on infrastructure building with aggressive capital expenditure; with inclusive and people-centric development.
The allocation of 2.78 lakh crores to the Ministry of Road Transport and Highways is a clear indication of strides toward progress, particularly in fortifying the electric vehicle (EV) ecosystem. The government's commitment to the expansion and fortification of the e-vehicle ecosystem, promote deployment of EVs for the masses, coupled with support for manufacturing and charging infrastructure, marks a pivotal moment.”
SUDARSHAN VENU, MANAGING DIRECTOR, TVS MOTOR COMPANY: “The emphasis on homes for the middle class and expansion of women self help groups shows the government is committed to development across the board, even as it encourages investment in sunrise sectors and technology. For the automobile sector in particular, the continued infrastructure spending with the push to develop the EV ecosystem is exactly what the industry needs.”
UDAY NARANG, CHAIRMAN, OMEGA SEIKI MOBILITY: “We commend the government's visionary Interim Budget 2024, a monumental step towards a sustainable and technologically advanced future. The strategic allocation for a robust electric vehicle ecosystem aligns seamlessly with our commitment to entrepreneurship, innovation, and growth in the EV industry. The emphasis on supporting manufacturing and creating employment opportunities, coupled with initiatives for women's empowerment and the adoption of e-buses, reflects a comprehensive approach to inclusive progress. The dedicated support for manufacturing and charging infrastructure is a game-changer, promising exponential growth in our industry. This budget represents a significant step towards cleaner air, sustainable transportation, and a thriving domestic EV industry. We are euphoric about the prospects outlined in this budget, providing a robust framework for us to accelerate EV adoption and contribute to a cleaner, interconnected future for India."
NIRAJ RAJMOHAN, FOUNDER, CTO, ULTRAVIOLETTE AUTOMOTIVE: "At Ultraviolette we firmly believe that electric mobility is the future. There is a compelling need and opportunity to accelerate adoption by establishing reliable ecosystems around EVs. We are happy to see the Government of India's renewed commitment to EV manufacturing. The expansion of the charging infrastructure will make charging more accessible and boost the convenience for EV owners. While we appreciate the lower GST rates on EVs and chargers which have made EVs more affordable, we believe that the reintroduction of tax benefits for EV financing will greatly incentivize adoption. With respect to the larger policy framework, we continue to advocate that subsidies and benefits should spur cutting-edge technology development and not be capped by product cost."
PRASHANTH DORESWAMY, PRESIDENT AND CEO, CONTINENTAL INDIA: “The emphasis on EV adoption and energy transition is on par with the global trends and gives an edge and a push to companies to invest in sustainable mobility, the need of the hour. The Skill India Mission is another positive and collaboration with such government initiatives will ensure a better and more skilled workforce that meets the evolving demands of the automotive technology sector. One more positive for sustainability is the embracing of bio-manufacturing. It will provide opportunities for companies to innovate and contribute to a greener growth trajectory. Proactive adaptation and monitoring of the policy developments in the coming months will help companies remain competitive and relevant, while ensuring growth.”
SAURAV KUMAR, FOUNDER & CEO, EULER MOTORS: “The Interim Budget 2024 outlines India's ambition to emerge as Viksit Bharat by 2047. The budget's strategic focus on strengthening the EV ecosystem, particularly through support for charging infrastructure, underscores the nation’s dedication to sustainable transportation solutions. We applaud the government’s efforts towards making electric vehicles more accessible to the people of India. Along with the initiatives for skill-building and turbocharging research and development, India aims to catalyze innovative solutions, utilizing new technologies and data to fuel growth, particularly in emerging sectors and generate employment, expediting the EV transition. That being said, as EV manufacturers, we eagerly await further elaboration on the FAME subsidies, which have revolutionized EV adoption in India and may remain pivotal in reinforcing the industry, in the coming phase of expansion."
DR. PAWAN MUNJAL, EXECUTIVE CHAIRMAN, HERO MOTOCORP: “It is gratifying to witness the Honorable Finance Minister Shrimati Nirmala Sitharaman Ji present a prudent and inclusive budget. The emphasis on 'Garib Kalyan, Nari Shakti, Yuva (youth empowerment), and Annadata (empowerment of farmers)' by prioritizing their needs and aspirations reflects a commitment to the holistic development of all, aligning with the government’s vision of “Sabka Saath Sabka Vikas”. Upholding fiscal discipline has consistently been the hallmark of this government, and this Budget reaffirms that commitment. Through these measures, the interim Budget takes a decisive stride towards realizing the vision of making India ‘Viksit Bharat’ by 2047 - the centennial year of our independence.”
ATUL GUPTA- CO-FOUNDER & DIRECTOR AT E-SPRINTO: "Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government's agenda, and we do expect supporting policies to follow soon."
MAXSON LEWIS, MANAGING DIRECTOR & CEO, MAGENTA MOBILITY: "Amidst the key announcements in the Union Budget 2024, we applaud the government's commitment to supporting sustainable solutions for our nation. The inclusion of rooftop solarisation for households, wherein the surplus will support the charging of electric vehicles is commendable, marking a significant step towards sustainable mobility. Integrating solarisation into charging infrastructure would have further amplified its impact on decarbonising mobility.
“Furthermore, the government's push to encourage the private sector in research and innovation are critical to driving new-age mobility solutions that enhance overall efficiency. The emphasis on empowering the youth and fostering economic policies for sustained development aligns with our vision for a decarbonised, tech-driven future. The government's support for EV manufacturing and charging infrastructure is particularly noteworthy, and a positive stride towards a sustainable India. As production and infrastructure grow, we anticipate increased cost benefits, driving adoption and reducing the need for incentives and subsidies on EV purchases.”
NAMIT JAIN, FOUNDER, CEO, ZEN MOBILITY: "At Zen Mobility, we emphasise that the pressing need of the hour is for governments to champion a sustainable future by extending vital support to the Electric Vehicle (EV) industry. Providing subsidies and monetary support to OEM's is paramount, fostering an environment that propels EV sales and facilitates seamless adoption in the mass market. At Zen Mobility, we applaud government initiatives to expand and fortify the e-vehicle ecosystem, including support for manufacturing and charging infrastructure. This signifies a collective stride toward a cleaner, greener transportation landscape."
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”.
GAUTAM SHAHI, DIRECTOR, CRISIL RATINGS LTD: “Policy measures announced in the budget such as setting up of a payment security mechanism and emphasis on increasing support to the manufacturing of charging infrastructure are steps in the right directions for improving the adoption of e-buses for public transport networks. CRISIL Ratings’ expects penetration of electric buses to double to ~8% by fiscal 2025, from ~4% in fiscal 2023.”
YATIN GUPTE, CMD, WARDWIZARD INNOVATIONS AND MOBILITY LTD: "We congratulate the government for offering a visionary direction to the mobility industry by elevating the e-vehicle ecosystem. The emphasis on bolstering manufacturing, advancing charging infrastructure, and implementing secure payment mechanisms will help the industry in fostering sustainable mobility. These initiatives present a forward-thinking approach which connects to our collective aspiration of building an environmentally consciousness mobility ecosystem."
VENKATESH RAMAN PRASAD, PARTNER AT JSA ADVOCATES & SOLICITORS: “With the interim budget announcements, the overall outlook of the Government towards EV sector looks positive. The Government has pledged support for expansion and strengthening of EV manufacturing and charging infrastructure. Accordingly, the industry may expect continuity of incentives and formulation of new policies to drive growth in the sector. The Interim Budget also addresses adoption of e-buses for public transport networks through payment security mechanism. The details of the PSM mechanism will be awaited by the sector as this would largely support the rollout of e-buses in India.”
NEEL CHHEDA, SENIOR EXECUTIVE VICE PRESIDENT & HEAD – AUTO & ACTUARIAL ANALYTICS, TATA AIG GENERAL INSURANCE COMPANY LIMITED: “The interim budget of 2024-25 unveils a visionary initiative to enhance EV ecosystem. By bolstering manufacturing capabilities and charging infrastructure, it aims to drive the adoption of clean and efficient transportation. We can aspire to create an ecosystem that not only benefits the environment but also propels our nation to the forefront of global leadership in sustainable energy. We expect more collaborations with the EV industry enabling solutions that cater to the evolving needs of the e-mobility landscape. We look forward to remaining committed to support and contribute to the growth and success of government’s vision for a greener future.”
ANURAG SINGH, MANAGING DIRECTOR, PRIMUS PARTNERS: “For the automobile industry, the FY 2025 budget maintains the direction set by earlier budgets with its focus on EVs. The budget prioritizes public mobility over personal mobility. Most bus tenders have been based on the Gross Cost Model, presenting a significant risk to the OEM/operator. With the introduction of the Payment Security Mechanism, there is expected to be renewed interest in EV buses, which will accelerate adoption. The emphasis on charging infrastructure is set to address a major bottleneck in the EV value chain. The PLI schemes are progressing well, with the budget outlay for automobiles and ACC battery schemes increasing from Rs 496 crore to Rs 3,750 crore, a jump of 750%. The allocation for the FAME scheme has been reduced from Rs 4,807 crore to Rs 2,671 crore, a drop of 45%. We believe the scheme will now focus more on public mobility than personal mobility. The overall stability in policy direction is beneficial for the industry, and we find this budget to be reasonable.”
DEVNDRA CHAWLA, MD AND CEO, GREENCELL MOBILITY: “We commend the major announcements made by Finance Minister Smt. Nirmala Sitharaman in the Interim Budget 2024. The government's commitment to promoting sustainable mobility is a welcome step towards a greener future. Focusing on increased usage of e-buses for public transport networks is a noteworthy initiative. As a green mobility firm, we applaud this effort for its potential to greatly cut carbon emissions and improve the overall efficiency of public transit networks. This decision is completely aligned with our aim to promote ecologically friendly urban mobility alternatives.”
ARUN SREYAS, CO-FOUNDER, RACE ENERGY: "We appreciate the Interim Budget's focus on supporting manufacturing and charging infrastructure and emphasising the importance of enhancing e-bus adoption by incorporating robust payment security options. However, as a battery swapping company heavily reliant on Li-ion batteries, we were hopeful for GST parity on swappable batteries. A notable disparity exists in the rates between EVs sold with fixed batteries (taxed at 5%) and the Li-ion batteries utilised for swapping purposes (taxed at 18% when sold separately). It is crucial to consider this need for the widespread adoption of EVs, and we’re hopeful this will be addressed in the Union Budget presented later this year.”
AVINASH SHARMA, CO-FOUNDER & CEO, ELECTRICPE: "This year, we expected the strong growth of the EV sector to continue, with additional support from the government in terms of subsidies, incentives and policy across state and central. In her speech, Honorable FM Nirmala Sitharaman went over increases in support for EV infrastructure and manufacturing, which is positive for the industry. However, the changes to EV Charging GST, is still needed for the industry to experience unhampered growth. We are hopeful that further discussions will be had with regards to lowering GST for charging rates and standalone batteries, therefore growing EV affordability and adoption"
ANVESHA THAKKER, PARTNER BUSINESS CONSULTING AND NATIONAL INDUSTRY LEAD - CLEAN ENERGY, KPMG IN INDIA: “The budget has a strong focus towards decentralized opportunities such as solar roof top, EV charging which is aimed to create a step change in sector with a strong underlying theme of inclusion of households, SMEs, and youth in the energy transition opportunities. A wider adoption of solar roof top is likely to be propelled by the scheme for 300 units free electricity every month for 1 crore household through roof top installations providing savings up to fifteen to eighteen thousand rupees annually. This along with the support towards manufacturing and charging infrastructure for EVs, is likely to create entrepreneurship opportunities for large number of vendors for supply and installation as well as employment opportunities for youth with technical skills in manufacturing, installation, and maintenance.”
SUNJAY J KAPUR, CHAIRMAN, SONA COMSTAR AND CHAIRMAN, CII EUROPE COMMITTEE: “The Union Budget 2024 builds on India's proactive approach towards transformative growth, especially fostering collaboration and innovation across manufacturing, infrastructure, and technology sectors. With a focus on skill-building and concerted efforts to drive research and development, India aims to catalyse innovative solutions, utilizing new technologies and data to fuel growth, particularly in emerging sectors. With a significant increment in capital expenditure target for FY25, the budget emphasizes on the enhancement of infrastructure for multi-modal connectivity, in addition, it promises a sustainable and efficient mobility ecosystem. Notably, the budget supports the expansion of electric mobility by boosting EV manufacturing and charging infrastructure and promoting e-buses, aligning with global decarbonisation efforts. It will provide impetus to make electric vehicles more accessible to the people of India. In addition, the rooftop solarisation of 1 crore households will help the country move towards cleaner energy. By envisioning an ecosystem conducive to create and innovate, this budget paves the way for transformative growth, ensuring India's prowess resonates worldwide. A budget blueprint that focusses on India's ambition to emerge as Vikshit Bharat by 2047.”
VARUN GOENKA, CO-FOUNDER & CEO, CHARGEUP: “acknowledges the government's positive strides in the interim budget, marking a pivotal shift towards sustainable practices. As a prominent player in India's electric vehicle landscape, we seamlessly align with the government's focus on expanding the e-vehicle sector and reinforcing manufacturing and charging infrastructure. While we appreciate the commitment to fortify the e-vehicle sector, we emphasize the importance of addressing certain aspects left untouched. The introduction of a bio-manufacturing scheme resonates with our environmentally conscious approach; however, we advocate for a more comprehensive approach beyond subsidies for electric 2&3 wheelers. The government's emphasis on green energy, encompassing shore-wind energy and coal gasification, mirrors our dedication to cleaner technologies. Nevertheless, we urge a closer examination of challenges such as high GST rates and the lack of affordable financing for critical EV infrastructure, including Battery-as-a-Service facilities and charging stations. Despite our hopes for FAME-III subsidies extending coverage to EV buyers opting for vehicles without batteries, this aspect was not addressed. We eagerly anticipate a more holistic strategy that considers the diverse needs of the entire EV ecosystem. Looking ahead, Chargeup remains committed to collaborating with the government to pave the way for a greener and more resilient future for India's e-vehicle ecosystem.”
TUSHAR CHOUDHARY, FOUNDER & CEO, MOTOVOLT MOBILITY: “We are optimistic about the government’s commitment to enhancing the e-vehicle ecosystem and promoting bio-manufacturing. We see this as a positive step forward and believe that Motovolt is poised to be a key player in this transformative journey. The emphasis on eco-friendly manufacturing is praiseworthy, and as a Kolkata-based company, we are particularly pleased to see the focus on empowering the eastern region of India. Our cutting-edge e-bikes portfolio, aligned with the government’s vision outlined in the interim budget, offers diverse choices to fulfil consumer needs. We are confident that Motovolt’s innovative, affordable, and environmentally friendly micro-mobility solutions will contribute significantly to economic development and environmental sustainability. While we appreciate the steps taken in the budget, we were eagerly anticipating more details on the developments of FAME-III. EV OEMs have successfully revolutionized electric bicycles in India, and we hoped for coverage under FAME-III to help e-bike makers conquer the final frontier of affordability and inclusivity in a much stronger manner in the years ahead.”
ANKIT KEDIA, FOUNDER & LEAD INVESTOR, CAPITAL A: “The finance minister's efforts in formulating an Interim Budget that prioritizes sustainability and clean mobility are indeed noteworthy. At Capital A, our commitment to climate conscious startups resonates strongly with the government's focus on sectors like green energy. The provision of viability gap funding for shore-wind energy is strategically poised to attract startups and investors to this sector. Moreover, the phased mandatory blending of compressed biogas in transportation fuels and domestic piped natural gas signifies a significant stride forward. The introduction of bio-manufacturing in the electric vehicle sector promises to markedly reduce manufacturing emissions, thereby enhancing the eco-friendliness of EVs. Capital A eagerly endorses startups utilizing bio-plastics and bio-agri inputs, thereby fostering a green-oriented manufacturing sector.”
MAYURESH RAUT, CO-FOUNDER & MANAGING PARTNER, SEAFUND: "The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. Deeptech focused funds like ours will definitely benefit from enabling initiatives like this. The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this. Extension of tax benefits for sovereign wealth funds expiring on 31st March 24 to 31st March 25 is a good signal from the government to indicate that there will be continuation of beneficial policies and friendly institutional investor policies"
CHAKRAVARTHI C, MANAGING DIRECTOR, QUANTUM ENERGY : "The interim budget might not have specified any policy or allocation towards EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which budget indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars"
DINESH ARJUN, CO-FOUNDER AND CEO, RAPTEE ENERGY: “Various initiatives announced by the FM today clearly demonstrate the government's intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government's support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles".
DR. DARSHAN RANA, CHAIRMAN AND MANAGING DIRECTOR, ERISHA E MOBILITY PRIVATE LIMITED:
"We are optimistic about measures like the concerted focus of the honourable Finance Minister on promoting electric mobility through the announcement of greater adoption of e-buses, which is truly encouraging for the EV industry and will equally support sustainable transportation solutions. However, there are certain areas where we believe the budget could have been more encouraging. For instance, a more robust policy framework for the adoption of electric vehicles (EVs) and announcements on the related infrastructure development would have been more beneficial for the industry. Additionally, greater incentives for EV manufacturing and research and development (R&D) activities would have further accelerated the growth of the EV industry. "
KANISHK MAHESHWARI, CO-FOUNDER & MD, PRIMUS PARTNERS: "The new scheme for bio manufacturing and biofoundry is a welcome step towards promoting sustainable and green manufacturing practices. Augurs well for both large and MSME units and should enable fast adoption of green manufacturing practices in the manufacturing process."
GAURAV AGGARWAL, CEO & FOUNDER OF CARLELO: "Carlelo commends the government's commitment to bolstering the EV ecosystem and investing in crucial infrastructure for sustainable mobility. Ms. Sitharaman's announcement of a new scheme for bio-manufacturing further emphasizes the government's commitment to sustainability by promoting the use of biodegradable materials in manufacturing processes. We eagerly anticipate the positive impact of these initiatives on the automotive industry and the environment. This shift towards green-oriented consumption aligns with Carlelo's values and contributes to a more environmentally conscious manufacturing landscape."
NEMIN VORA, CEO, ODYSSE ELECTRIC VEHICLES : “Following the Interim Union Budget 2024, we enthusiastically embrace government's vision for a 'Viksit Bharat' by 2047. As an electric vehicle (EV) manufacturer, we applaud the strategic focus on expanding the e-vehicle ecosystem, supported by manufacturing and charging infrastructure enhancements. The budget's commitment to research and innovation, exemplified by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a golden era for our tech-savvy youth, aligning seamlessly with our mission for sustainable mobility solutions.”
FR SINGHVI, PRESIDENT, ASDC AND JMD SANSERA ENGINEERING: “The comprehensive approach outlined in the interim budget towards the automotive sector aligns with the government's objectives of promoting ‘Atmanirbhar Bharat’ (self-reliant India) and moving decisively towards achieving net-zero carbon emissions by 2070. Moreover, this strategic move is expected to generate employment opportunities for semi-skilled labour in the installation and maintenance of EV charging stations. ASDC, in its role, has taken on the responsibility of providing skilled professionals to meet the industry's growing demand. As ASDC - an institution steadfast in its commitment to skill enrichment; we embrace these forthcoming advancements with anticipated enthusiasm. Such strategic executive direction indicates amplified requirement for skilfully trained professionals within the evolving EV sector - a demand growth we are equipped and eager to accommodate viably through enriched training programs constantly updated catering ever-evolving industry requisitions effectively.”
RAJESH GUPTA, FOUNDER & DIRECTOR, RECYCLEKARO: "The union budget's "Panchamrit" targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India's raw material capacity, especially in the manufacturing of Li-ion batteries. The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation."
SARAL TALWAR, COO, BIKEWO: "The 2024 budget turned out to be relatively uneven, considering it marked the final budget for this government. As anticipated, there were no significant surprises or substantial changes. However, there were notable positive initiatives, particularly for sunrise industries. The establishment of a 1 Lakh Crore Fund to provide interest-free loans of 50 lakhs could significantly benefit emerging sectors, such as the EV Industry - showcasing a forward-thinking perspective for the evolving landscape. Moreover, the budget's emphasis on expanding India's electric vehicle charging infrastructure is poised to drive the adoption of EVs, instilling confidence in potential adopters. This move supports the EV ecosystem and opens up many entrepreneurship opportunities within the sector, further contributing to its growth. This strategic move extends the budget's impact beyond immediate fiscal implications.”
SUDHAKAR REDDY CHIRRA, FOUNDER & CEO, FRESH BUS: “Firstly, I would like to applaud the steps announced by Hon'ble Finance Minister Nirmala Sitharaman in Budget 2024. The government's ambitious goal of expanding the EV and consolidating the ecosystem, which includes manufacturing and charging is highly admirable. Adoption of E-vehicles will not just contribute to lower carbon emissions as well as lower cost of operation. With a strong payment protection mechanism in place, we can contribute to the changing travel landscape by offering efficient and ecologically friendly intercity bus services that match the evolving needs of our communities, therefore raising the bar. This Budget Statement reaffirms our commitment to enhancing India's green mobility environment and represents a milestone in our shared collective pursuit of a cleaner, greener future.”
SAMEER AGGARWAL, CEO & FOUNDER - REVFIN SERVICES: "The vote-on-account and interim budget presented by the Hon'ble Finance Minister, signals towards a transformative era for the nation. The commitment to fortify the Electric Vehicle (EV) ecosystem and support manufacturing and charging infrastructure aligns with global environmental goals, positioning India as a leader in widespread sustainable mobility adoption. Continued focus on the rural economy support, youth skill development, and gender-inclusive initiatives reflects a holistic approach toward inclusive and sustainable growth. Skill India Mission's success in training 1.4 crore youth strengthens the workforce for evolving job demands."
SHALYA GUPTA, CEO, PHF LEASING LIMITED: “It was good to see the Government continuing its thrust on the EV sector. The focus on supporting manufacturing of EV vehicles in India and charging infrastructure will create the right environment for the growth of the EV sector. With a robust ecosystem in place, the Financing solutions become easier to implement with risk of default decreasing. We are hoping that in the Full Budget to be presented after the Elections, the New Government will continue with its policy thrust on job creation through opportunities presented by the Electric Light Commercial Vehicle (ELCV) segment.”
NARINDER MITTAL, COUNTRY MANAGER & MANAGING DIRECTOR – AGRICULTURE BUSINESS, CNH INDIA & SAARC: “The Interim Budget has reinforced the upliftment of farmers with the continuation of PM Kisan Samman Yojana, which annually extends direct financial assistance to a substantial 11.8 crore farmers. The focus on oilseed production and processing marks a significant stride in reducing import dependency while creating new avenues for the growth of the agricultural community. Additionally, the expansion of the crop insurance scheme to benefit 40 million farmers will enhance resilience against unforeseen risks. Moreover, the allocation of financial assistance to support the procurement of biomass aggregation is a commendable move. Encouraging farmers to participate in the bioenergy supply chain not only promotes sustainable agricultural waste management but also opens up new opportunities for income generation. This will catalyze the demand for cutting-edge farm machinery and crop management solutions, facilitating the adoption of modern farming practices powered by cutting-edge technologies. The decision to further promote private and public investment in post-harvest activities will help the agricultural ecosystem in India to flourish, encompassing every stage of the value chain, from production to market. Overall, we believe these initiatives will play a pivotal role in driving the agricultural sector towards prosperity and resilience.”
SHALABH CHATURVEDI, MANAGING DIRECTOR, CASE CONSTRUCTION EQUIPMENT, INDIA & SAARC:
“With the decision to increase Capex by 11% to ~?11 lakh crore, representing 3.4% of the GDP, for the fourth consecutive year, the government is reinforcing their focus on sustainable long term growth, enhancing the nation's infrastructural backbone. The introduction of the three major railway corridors and the expansion of airport facilities in the country is a welcome move in the direction of improving logistics as a GDP growth lever. Key rail infrastructure projects, including Metro Rail and Namo Bharat, expanding to more cities, convey a clear emphasis on connecting rural to urban Bharat. Furthermore, new initiatives to improve port connectivity, infrastructure, and facilities will open up opportunities for job creation while boosting tourism. It is a well-rounded budget that demonstrates the government's continued emphasis on important sectors.”
AKSHIT BANSAL, CEO & FOUNDER, STATIQ- “The budget announcement for 2024-25 brings about a wave of positivity for the electric vehicle (EV) charging network industry, indicating a robust future for the EV sector and sustainability initiatives. The government's steadfast commitment to supporting EV manufacturing and charging infrastructure is a proof to its dedication to fostering green growth and environmental sustainability. The expansion and strengthening of the EV ecosystem, as outlined in the budget, is in line with our company's mission to provide reliable and accessible charging solutions for EV users across the nation. With the government's backing, we are poised to witness a significant acceleration in the adoption of electric vehicles, further reducing carbon emissions and mitigating the environmental impact of traditional transportation methods. As India progresses towards its net zero emission target by 2070, the government's commitment to expanding and strengthening the EV ecosystem, along with developing charging infrastructure, is commendable. The transition of public transport, particularly buses, to electric vehicles highlights a proactive stance in the pursuit of environmental sustainability and the curtailment of reliance on fossil fuels. Of notable mention is the emphasis on incentivising the wider adoption of e-buses for public transit networks through payment security mechanisms. This initiative not only facilitates the shift towards cleaner transportation modes but also ensures the dependability and accessibility of EV charging infrastructure for public usage. As a leading player in the EV charging network industry, we are excited to collaborate with the government and other stakeholders to realise this vision and create a cleaner, healthier environment for future generations”.
SUYASH GUPTA, DIRECTOR GENERAL, INDIAN AUTO LPG COALITION-"In a move to steer India towards a greener future, Finance Minister Nirmala Sitharaman has unveiled a comprehensive plan aimed at achieving the nation's ambitious Net Zero target by 2070 in Budget 2024. The announcement came as part of the Union Budget 2024, where 'Green Growth' was highlighted. Acknowledging the intrinsic link between the transport sector and overall economic growth, the prioritization of Green growth is a positive development. The government's persistent commitment to transitioning towards a low carbon-intensity economy is laudable. However, while detailed provisions are to be seen, there was an expectation for announcements aimed at fostering the integration of cleaner and more affordable alternative fuels, such as auto LPG, into public mobility policies. Recognizing that achieving net-zero goals is a gradual process, leveraging readily available solutions like Auto LPG could have played a significant role in addressing both pollution and promoting green growth, aligning with the budget's envisioned objectives.".
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