Comprehensive Policy Framework For EVs, Incentives For Battery Manufacturing: Here’s What Automotive Sector Expects From Budget 2024

New Delhi: As Union Finance Minister Nirmala Sitharaman is all set to present the Interim Budget 2024 on February 1

New Delhi: As Union Finance Minister Nirmala Sitharaman is all set to present the Interim Budget 2024 on February 1, the automotive industry expects big measures from the Finance Ministry. Some of the industry experts expect a comprehensive policy framework for EVs, and proper insurancе norms tailorеd for еlеctric vеhiclеs. Some other experts expect incеntivеs for battеry manufacturing units and a robust supply chain for EV componеnts.

Veer Singh, CEO of Lord’s Automative Pvt. Ltd, said ”As EV sales in the country are showing healthy growth, we expect the government to propose budgetary provision to extend the FAME II (Faster Adoption and Manufacturing Electric Vehicles) scheme with a view to support EV growth. The government policies and regulatory norms have so far been favourable for the automotive industry. In the interim budget, the government is expected to continue with the existing policy and regulatory framework,” he said.

Lords Automative