Comments from: Sulajja Firodia Motwani, Founder and CEO of Kinetic Green and Vice Chairperson, Kinetic Group on the Budget 2020 announced today

The Budget 2020 announced by Hon’ble Finance Minister today is positive for the Electric Vehicle manufacturing sector, which indeed shows Indian Government’s commitment to aid EV production in India.

FM has announced new scheme to promote automotive electronics and semi-conductors manufacturing. It is imperative to mention that this will help attract foreign investments and enable export. It will also, enable EV manufacturing in the country with “Make in India” focus. I am confident that this move will encourage manufacturers to enhance investments in this sector and customers to purchase move EVs.

FM said that a policy to enable the private sector to build data center parks, soon. This will further enhance connectivity and digitization of the auto sector and is expected to help automotive in a greater way.

Further, announcements such as an additional tax benefit of Rs. 1.5 lakh on the interest paid on the loans for the purchase of electric vehicles. Also, reduction of personal income tax for annual income from Rs 5 lakh to Rs 15 lakh is a big boost which will help taxpayers to save more.

We welcome this budget and appreciate Government’s steps to increase EV manufacturing by the industry and tackle pollution in our cities.