EV And Solar Industry Anticipates Transformational Measures In Upcoming Budget 2024

- Advertisement -
- Advertisement -

Reducing customs duty on solar cells, lengthening ALMM, and shortening project implementation time are deemed necessary to support indigenous solar manufacturing and global sustainability.

With Budget 2024 approaching, India’s Electric Vehicle (EV) industry anticipates a transformative role in the transportation sector. Priorities include upskilling via centrally sponsored schemes, fostering a skilled workforce. Sustainable growth relies on technological innovation, especially in Battery Management Systems (BMS), and building domestic capabilities for battery manufacturing. Government funding for charging infrastructure in Tier II and Tier III cities is crucial for EV evolution. 

The industry suggests open data standards, APIs, and reducing GST on lithium batteries from 18% to 5% to boost EV affordability. Promoting ICE+EV hybrid vehicles, especially in smaller segments, is vital for economies of scale. State and Central Government policies, including Production-Linked Incentives for EV charging companies, tax deductions for EV buyers, and the potential introduction of FAME-III, emphasise a steadfast commitment to a green transition.

- Advertisement -

The automotive industry eagerly awaits insights into the GST landscape, especially for entry-level two-wheelers. Expectations centre around potential FAME 3 schemes and a revision of GST rates for electric two-wheelers. Calls for a uniform 5% GST on all EV spare parts echo the industry’s aspiration for a more equitable tax structure. Advocacy for innovation-centric initiatives and capacity-building incentives are paramount for widespread EV adoption. The recommendation to lower the GST rate on batteries from 18% to 5% aligns battery swapping and subscription services with EVs, representing a crucial step forward.

Addressing Key Imperatives

Concerns about solar panel imports prompt calls for measures supporting indigenous development, tech transfer, and incentives for local manufacturing to curb foreign exchange outflow. The industry deems PLI for renewable manufacturing and viability gap funding for battery storage crucial for India’s energy goals. Revision of GST rates and increased budget for batteries under PLI are pressing needs. Workforce development, bulk procurement, and energy storage solutions are essential for sector efficiency. Infrastructure strengthening, public-private partnerships, and streamlined regulations are key enablers for a sustainable energy future.

Anticipated collaborations for solar integration in new homes and green FDI initiatives. Recommendations include reduced customs duties on solar imports, enhanced concessional finance, and a dedicated agency for sector investments. Critical steps involve addressing state restrictions on transformer capacity, advocating unrestricted net metering, and extending ISTS waiver.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Sameer Aggarwal, Founder and CEO, RevFin

“We Have Maintained A Net NPA Rate Below 1%!”

0
Maintaining a low non-performing asset (NPA) rate is considered one of the key factors determining the success of an NBFC (non-banking financial company) operating...

Six Steps To Building Better Business Assets

0
In the journey of asset-building, solving good problems trumps battling bad ones. Dive into six essential steps for building and leveraging effective assets—the game-changer...

India’s Solar Capacity Installation Down By 44.1%, Delayed Projects To Add To 2024 Installations

0
Large-scale solar installations saw a notable decline of 50.8% YoY to 5.8 GW from 11.7 GW in 2022, constituting 77.2% of the annual capacity...

Buzz

NTPC Starts Commercial Operation Of 70 MW Chhattargarh Solar Project

0
The project is designed to produce 370 million units of energy annually, which is equivalent to powering 60,000 households. NTPC Renewable Energy Limited (NTPC REL)...

Noida’s Vervesemi Announces Made-In-India ASIC

0
The newly developed chip, proudly made in India, targets domains such as weighing scales and Force Touch technologies. A fabless semiconductor company based in Noida,...
GlobalFoundries and Qualcomm

Qualcomm Doubles Investment In India, Plans To Invest $1Bn

0
Qualcomm has the largest number of engineers working out of India, with nearly 17,000 of its global workforce of around 40,000 based in the...

Important Sectors

Sameer Aggarwal, Founder and CEO, RevFin

“We Have Maintained A Net NPA Rate Below 1%!”

0
Maintaining a low non-performing asset (NPA) rate is considered one of the key factors determining the success of an NBFC (non-banking financial company) operating...

NTPC Starts Commercial Operation Of 70 MW Chhattargarh Solar Project

0
The project is designed to produce 370 million units of energy annually, which is equivalent to powering 60,000 households. NTPC Renewable Energy Limited (NTPC REL)...

Nasdaq Welcomes Lotus Tech With Modest Rise Post SPAC Deal

0
Lotus Technology's Nasdaq debut sees a 2% share increase post-merger with L Catterton-backed SPAC, marking a $7 billion valuation amidst a challenging EV market...

Log9, Trinity Cleantech Team Up for Interoperable Charging Network

0
They aim to lead the way in advancing Type 6 fast chargers, the next-gen standard for speed and convenience. Trinity's Thunder Platform will integrate...

BYD YangWang U9 Debuts at $236,000: 0-100 km/h in 2.36s, LFP Battery

0
BYD Co. launched its priciest vehicle, a fully-electric supercar costing 1.68 million yuan ($233,450), on Sunday, competing with gas-powered counterparts from brands like Ferrari...

Manufacturing

GlobalFoundries and Qualcomm

Qualcomm Doubles Investment In India, Plans To Invest $1Bn

0
Qualcomm has the largest number of engineers working out of India, with nearly 17,000 of its global workforce of around 40,000 based in the...

Applied Ventures Funds VVDN Technologies

0
The investment demonstrates Applied Ventures' dedication to promoting innovation, collaboration, and entrepreneurship within the semiconductor and electronics manufacturing sectors. Applied Ventures, LLC, the venture capital...

Haryana EV-CO To Manufacture L3, L5 EVs At New Plant

0
The EV maker is self-funded and operates a modern manufacturing facility with cutting-edge technology and equipment. It specializes in producing two and three-wheelers, with...
Sona Comstar

Sona Comstar: First Indian Auto Supplier With PLI Certification

0
Sona Comstar, a leading EV traction motor manufacturer in India, receives PLI certification for its electric two-wheeler traction motor. Sona BLW Precision Forgings, commonly known...

Indian Manufacturers To Get Chinese Mobile Production Orders

0
Dixon has secured an order from Oppo for making phones, with an order size of around 5-6 lakh units per month.  Chinese firms have finally...