EVS - Latest News Update, Information, Photos & Videos on EVS at Lokmat Times

"The budget proposals will lead to demand activation in the EV space. However, a sustained push is required to grow the domestic market which will in turn attract attract foreign investment for setting-up of manufacturing facilities here," Kavan Mukhtyar, Partner and Leader - Automotive, PwC India"As India is deficient in lithium (mineral) reserves, the EV battery cells will continue to be imported. However, a robust domestic market can lead to emergence of local industries dealing with battery packages and management systems."On July 5, Finance Minister Nirmala Sitharaman proposed various tax benefits for EV manufacturing and purchases in the Union Budget 2019-20.Sitharaman, in her maiden budget said that the government aims to leapfrog and envision India as a global hub of manufacturing of electric vehicles."India should make decent progress as on outcome of its efforts in encouraging establishment of global hubs for manufacturing solar cells and charging infrastructure apart from the fiscal incentives in FAME II and GST, in order to encourage move to EV's," Sridhar V., Partner, Grant Thornton India.Currently, the market share of electric cars in India is only 0.06 per cent, whereas it is 2 per cent in China and 39 per cent in Norway. Globally, the sales of electric cars have been rising at a fast pace from just over 2,000 units being sold in 2008 to over 10 lakh in 2017.In order to promote them, the government has included EVs in the soon to be launched scheme that envisages to invite global companies via a transparent competitive bidding to set up mega-manufacturing plants.They would provide investment linked income tax exemptions under section 35 AD of the Income Tax Act, and other indirect tax benefits.Rahul Mishra, Principal, A.T. Kearney, said: "Cluster manufacturing programs would help growth of EVs, but given limited volume they may have to depend on export markets to maintain economic viability."Besides, the government has already moved the GST Council to lower the GST rate on electric vehicles from 12 per cent to 5 per cent."Also to make electric vehicle affordable to consumers, our government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles," Sitharaman had said."This amounts to a benefit of around Rs 2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicles."The government has also implemented the phase-II of FAME Scheme, following approval of the Cabinet with an outlay of Rs 10,000 crore for a period of three years. It commenced from April 1, 2019. The main objective of the scheme is to encourage faster adoption of electric vehicles by way of offering upfront incentive on purchase of electric vehicles and also by establishing the necessary charging infrastructure for electric vehicles."Government has made its intent clear that EV will be the way forward for Indian automotive industry," said Ashish Modani, Vice President and Co-Head, Corporate Ratings, ICRA."Intra-city buses, three-wheelers and scooters are expected to be early adopters of EVs in India, whereas meaningful penetration in trucks and personal cars is still sometime away."(Rohit Vaid can be contacted at rohit.v@.in)( With inputs from IANS )

EvsFOLLOW

Evs, Latest News

In order to achieve clean, shared and people-centric mobility solutions, Delhi has to follow a 10-point formula and amplify its initiatives in electric and urban mobility, a new report has said. ...

Strategic disinvestment of public sector Scooters India Ltd (SIL) could be deferred yet again while monetisation plan of its non-core land will be carried out. ...

As part of the Delhi's draft electric vehicle (EV) policy, the city will need around 500,000 new EVs in the next five years and it will help save Rs 6,000 crore in oil and liquid natural gas imports and 4.8 million tonnes of carbon dioxide emissions. ...

slowdown has inertia. The Indian GDP growth has fallen to 5 per cent in the April-June quarter, from 8 per cent. This slowdown can only be reversed if both short-term and long-term reforms are undertaken. ...

Sunjay Kapur-led auto components major Sona Group plans to increase its investments and footprint in the electric vehicles segment as Sona BLW Precision Forging completes its partnership deal with Blackstone and Comstar Automotive Technologies. ...

The national capital and its surrounding urban centres will soon get 300 more electric vehicle (EV) charging stations in the next five to six months. ...

India's subsidies to petrol and diesel between October 2018 and June 2019 amounted to almost three times the three-year government budget for electric vehicle (EV) support, a new study revealed on Thursday. ...

Even as the government envisages to make India a global hub for Electric Vehicle (EV) manufacturing, sectoral experts cite the need for a sustained effort to accelerate the production and demand growth of the industry in the country. ...