India's auto industry is urging the government to prioritize both green transportation and infrastructure development in the upcoming budget, stressing the need for long-term infrastructure investment and policy incentives to accelerate electric vehicle (EV) adoption
Mercedes-Benz India CEO Santosh Iyer expects continued funding for infrastructure projects and emphasized that "policy incentives for green transportation are crucial to accelerate EV adoption in India."
Other industry leaders echoed Iyer's call, with Toyota Kirloskar Motor's Swapneesh R. Maroo expressing confidence in the government's commitment to a "sustainable future" and JK Tyre & Industries' Raghupati Singhania highlighting the importance of "consistent policies" for sector growth.
Emphasizing the broader social impact, Suman Mishra of Mahindra Last Mile Mobility urged the budget to prioritize "inclusive income generation, electric mobility, and empowering commercial vehicles financially."
Shaly Gupta of PCHF Leasing Ltd linked EV support to the government's net-zero emissions goal by 2070, advocating for continued subsidies and simplified registration for light commercial EVs . Sulajja Firodia Motwani of Kinetic Green expressed optimism about the announcement of the FAME-3 plan to support EVs.
Union Finance Minister Nirmala Sitharaman is set to present the budget for FY 2024-25 on Thursday, marking the final annual financial statement of the Narendra Modi government's second term. The traditional pre-budget ‘halwa’ ceremony was held on Wednesday, initiating a ‘lock-in’ period for officials involved in budget preparation to maintain confidentiality until its tabling in the Lok Sabha on February 1.
This is the final budget of the Narendra Modi government's second term. The upcoming budget is deemed 'interim' as the government faces a general election in April-May. The full budget will be presented in July by the incoming government, whether a re-elected or new administration. In India, the financial year starts on April 1 and ends on March 31 the following year.