“The transition to green mobility is likely to be further expedited for India by the 2025 budget, setting a target to achieve 30 percent penetration of electric vehicles in the total automobile sales by 2030. Such penetration would certainly be possible in the country as India is more price-sensitive compared to other places.
More efforts need to be made in building a robust battery infrastructure, such as charging stations and battery recycling facilities, to boost consumer confidence. The budget should also include state-level incentives such as remission of registration fees for two-wheelers and three-wheelers in addition to subsidies to make EVs more widely available.
This would also ensure low-cost funding options through PSU banks and NBFCs with attractive interest rates, making it easy for both personal and commercial buyers to switch to electric vehicles. Equally, all logistical challenges and transportation costs must be addressed to cater to the diverse and sensitive customer base in terms of price.
The budget will support the rapidly growing EV industry by being standardised rather than being subjected to monopolistic activities. There might be a good base for sustainable mobility with the budget by advocating local manufacturing, self-reliance in the EV supply chain, and measures to establish India as a global hub for EV manufacturing.”
