Electric Vehicle Industry Insights on Interim Budget 2024


Finance Minister Nirmala Sitharaman’s brief presentation of Interim Budget 2024 has drawn attention, particularly within the Electric Vehicle (EV) industry. While the speech was succinct, it underscored the government’s commitment to fostering innovation and growth in the EV sector.

Atul Gupta, CEO, e-Sprinto: Atul Gupta, CEO of e-Sprinto, noted that though specific details on the E-Mobility mission were missing, the budget indicated ambitious policies for EV adoption in public transportation. The focus on strengthening manufacturing and infrastructure signals a high priority for the government.

Bharath Rao, Founder & CEO, Emobi: Bharath Rao sees the Interim Budget as a turning point for Bharat’s industrial landscape, emphasizing the government’s commitment to EV growth through manufacturing and charging infrastructure. This, he believes, will reshape consumption patterns and fuel green growth.

Chakravarthi C, MD, Quantum Energy: Despite the lack of specific policies, Chakravarthi C acknowledges the government’s intention to promote EVs in public transportation. He anticipates holistic support for the EV ecosystem, with upcoming policies addressing manufacturing and charging infrastructure.

Dinesh Arjun, Co-Founder and CEO, Raptee Energy: Dinesh Arjun highlights the government’s initiatives to accelerate EV adoption, create employment opportunities, and reduce ‘range anxiety.’ He sees this as an encouragement for deeper innovation in battery management and other technologies.

Nemin Vora, CEO, Odysse Electric Vehicles: Nemin Vora applauds the government’s vision for expanding the e-vehicle ecosystem, emphasizing research, innovation, and a significant corpus for sustainable mobility solutions. He sees this as a golden era for tech-savvy youth.

Pragya Goyal, CEO & Co-Founder, Vegh Automobiles: Pragya Goyal views the Mudra Yojana loans for women entrepreneurs as a game-changer for the EV sector. The emphasis on female education in STEM courses and the net-zero emissions goal align with their vision for a sustainable mobility landscape.

Rajib Gangopadhyay, Founder, EMotorad: Rajib Gangopadhyay sees promising news for the EV industry in the interim budget, especially the extension of tax benefits for startups. He notes the alignment with global sustainability goals and the dedication to bio-manufacturing.

Tushar Choudhary, Founder & CEO, Motovolt Mobility: Tushar Choudhary expresses optimism about the government’s commitment to the EV ecosystem and bio-manufacturing. While appreciative, he anticipates more details on the FAME-III developments for enhanced inclusivity.

This comprehensive overview captures the diverse perspectives within the EV industry on the implications of Interim Budget 2024.


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