Union Budget 2022: In the Union Budget 2022 speech, Finance Minister Nirmala Sitharaman has announced new initiatives to further bolster the adoption of electric vehicles in India. The union minister has stated that the government will be developing special mobility zones for electric vehicles. In the coming fiscal, the government will also formulate a new battery swapping technology in India.
Ahead of this, the SMEV had put forward a few points that needed to be covered in this year’s budget. The electric mobility sector is a large space that Indian industries can capture before international players invade the market with “cheaper contraptions", SMEV DG, Sohinder Gill, said. “Around the world, the craze for bigger SUVs and higher-powered motorcycles is slowly veining towards compact and smaller electric cars and scooters. Thus, wonders can be done in affordable small cars and scooters segment, just as they are in internal combustion engine vehicles," Gill said.
To create a robust ecosystem for electric vehicles, the Centre could look at putting EVs in the priority lending sector which enables citizens to afford EVs at lower interest rates.
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The society also requested the Centre to allocate sufficient funds for R&D and skill development. to create a robust ecosystem for electric vehicles, the Centre could look at putting EVs in the priority lending sector which enables citizens to afford EVs at lower interest rates.
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The society also requested the Centre to allocate sufficient funds for R&D and skill development. “Unless we work seriously and diligently on EV batteries, we will end up in a situation similar to, if not worse than, our dependence on crude oil. The current level of research is abysmally low, diluted, and scattered," Gill added.
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