In her 2024-25 Interim Budget speech, Finance Minister Nirmala Sitharaman announced a significant push to promote electric vehicle (EV) adoption in India. The government plans to support EV manufacturing, establish charging infrastructure, and introduce electric buses for public transport. However, the EV industry's expectations were tempered by a substantial 55.58% cut in the FAME scheme allocation, raising concerns about funding distribution. To find out more, check out https://www.scout.asia/ #India #ElectricVehicle #Budget #Government
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MINI REPORT : 5 EXPECTATIONS INDIA’S ELECTRIC VEHICLE COMMUNITY HAS FROM BUDGET 2024 The upcoming Union Budget for 2024-25 assumes heightened significance for India's electric vehicle ecosystem. The Budget carries the potential to propel the country's EV charging infrastructure into its next phase of growth – and thereby turbocharge adoption across the nation. The EV industry’s expectations are multifaceted, encompassing financial allocations, policy interventions, collaborative initiatives, and incentives to stimulate private sector participation. READ THE DETAILS: https://lnkd.in/gBTXeBTP #budget2024 #budgetmanagement #budgetfriendly #wealth #money #moneymanagement #finacialfreedom #investing #savings #ev #evcharging #charginginfrastructure #evcharger #evcharginginfrastructure #evchargerinstallation #evchargingsolutions #electriccars #electriccarcharger #electriccar #evcharge #evchargeshow #greeneconomy #greensolutions #sustainablesolutions #radius
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Union Budget 2024: Finance Minister Nirmala Sitharaman is set to unveil Modi government's 3.0 Budget on July 23 (Tuesday), and India's electric vehicle (EV) sector is hopeful for announcements that could accelerate industry expansion. Our Partner (Head - Northern Region) Ajay Sawhney in an article published by ABP Live opined the Budget to introduce more subsidies and incentives to stimulate EV and hybrid vehicle sales. Read it at: https://lnkd.in/gc9BXg6F #UnionBudget2024 #ElectricVehicleSector #ElectricMobility #HybridVehicles
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Finance Minister Nirmala Sitharaman presented the Interim Budget 2024. In the expenditure budget, the outlay for FAME has been reduced to Rs 2671.33 crores for the financial year 2024-25 from Rs 4807.40 in the current financial year (FY24) - a reduction of over 44 percent. According to the current FAME II guidelines, the government provides a subsidy of Rs 10,000 per kWh of battery, with a maximum cap of 15 percent of the electric two-wheeler's ex-factory price. Should India launch FAME-III? Share your thoughts in the comments. #budget #indianbusiness #budget2024 #emobility
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#Budget2024WithYS | #Budget2024 finally met a big expectation of the #EV ecosystem–support for charging infrastructure. The govt will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure: FM Nirmala Sitharaman. The Budget also focused on public transportation, where it said that greater adoption of e-buses will be encouraged through a payment security mechanism that provides interest-free capital in case of defaults. In 2023-24, the government spent Rs 4,807 crore as part of the FAME India scheme. For 2024-25, the govt has allocated Rs 2,671 crore for FAME, which could change once a fresh Budget is presented following the Lok Sabha election. 🔗 Read more at the link in our comments section 👇 by Aparajita Saxena | #BudgetSession #electricvehicles
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An NBFC offering dynamic financial solutions for Electric Vehicles & ecosystem
The Finance Minister's announcement during the 2024 interim budget reiterates India's commitment to EV growth. Plans include supporting manufacturing and enhancing EV charging infrastructure nationwide. Despite the emphasis on electric bus adoption, detailed measures for the auto industry were missing. Entrepreneurship opportunities in EV charging infrastructure are highlighted, but no clear government incentives are mentioned. Surprisingly, no extension of the FAME scheme, disappointing industry expectations. This underscores the need for a robust policy framework to drive EV adoption and industry growth in India. Let's hope for more clarity and support in the upcoming initiatives. What are your views on ev budget 2024? #EVs #Budget2024 #India #electricvehicles #automotiveindustry #gogreen
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#PostBudgetReactions: "The Interim Budget 2024 once again highlights the government's commitment towards supporting the EV sector and will become an important financial catalyst for fostering innovation and expediting EV adoption across India." Read more: https://lnkd.in/ehGgbi-F Varun Chandran IONAGE #BudgetWithTG #Budget2024 #NirmalaSitharaman #UnionBudget #UnionBudget2024
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Certified Business Professional (CBP) Programme at Indian School of Business (The views/opinions mentioned here are my personal and in no way is related to the employer I am associated with)
130% hike! Narendra Modi govt hikes #allocations for these six major #schemes in interim #budget Allocations to major schemes: 1. Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGA): Allocation hiked to Rs 86,000 crore for FY25 from Rs 60,000 in FY24, a 43.33 per cent increase 2. Ayushman Bharat-PMJAY: Allocation hiked to Rs 7,500 crore for FY25 from Rs 7,200 crore in FY24, a 4.2 per cent increase 3. Production Linked Incentive Scheme (PLI): Allocation hiked to Rs 6,200 crore for FY25 from Rs 4,645 crore in FY24, a 33.48 per cent increase 4. Modified Programme for Development of Semiconductors and Display Manufacturing Ecosystem: FY25 allocation hiked to Rs 6,903 crore from Rs 3,000 crore in FY24, a 130 per cent hike 5. Solar power (GRID): FY25 budget estimate hiked to Rs 8,500 crore from Rs 4,970 crore in FY24, a 71 per cent increase 6. National Green Hydrogen Mission: Allocation for FY25 hiked to Rs 600 crore from Rs 297 crore in FY24, an increase of 102 per cent increase #India #budget2024 #MNREGA #AyushmanBharat #PMJAY #solarpower #NationalGreenHydrogenMission #GreenHydrogenMission #renewables
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2024 is set out to be a very exciting year for the EV ecosystem in India ⚡ . We have instrumental updates right off the bat in the interim budget. Founders and Executives in the sector, from both large firms and startups have shared their enthusiasm for a budget outline that focuses on empowering our indigenous and local EV and components manufacturing sector 🙌 . What are your thoughts on the recent developments? #budget2024 #interimbudget #IPNews
⚡ 🇮🇳 Nirmala Sitharaman has declared the interim finance budget this 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝐨𝐟 2024. It has some very 𝐞𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐢𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞𝐬 for the EV ecosystem in India, which will surely motivate new entries into the market as well as allow the existing players to expand sustainably. Let us learn about some of the areas where the EV sector in India will be getting a major boost for this fiscal year. ✅ 𝐇𝐮𝐠𝐞 𝐑&𝐃 𝐟𝐮𝐧𝐝: The interim budget has declared a huge allocation of approximately 1 𝐥𝐚𝐤𝐡 𝐜𝐫𝐨𝐫𝐞𝐬 to incentivise the private sector and 𝐞𝐧𝐡𝐚𝐧𝐜𝐞 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐚𝐧𝐝 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 in emerging industries, and the e-mobility sector is one of the emerging sectors, which is expected to benefit greatly from this fund allocation. Especially the smaller and more local players in the sector which do not have immediate access to private funding pools unlike the bigger more established e-mobility companies. ✅ 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐟𝐲𝐢𝐧𝐠 𝐩𝐮𝐛𝐥𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭: The government will work towards adopting more electric vehicles in the public transportation sector. A total funding of 𝐑𝐬 1300 𝐜𝐫𝐨𝐫𝐞𝐬 have been proposed for the production of over 10,000 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐛𝐮𝐬𝐞𝐬 over 169 𝐜𝐢𝐭𝐢𝐞𝐬, under the 𝐏𝐌-𝐞𝐁𝐮𝐬 𝐒𝐞𝐰𝐚 𝐒𝐜𝐡𝐞𝐦𝐞, through public private partnerships. It is a huge growth opportunity for battery and vehicle manufacturers as well as 𝐄-𝐦𝐨𝐛𝐢𝐥𝐢𝐭𝐲 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 developers. We project this year to be a game changer for the E-mobility sector. More news is awaited till the official budget release after elections 🙌 . #IPNews #ev #sustainability #interimbudget #budget2024
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Interim #Budget2024 Expectations: Set to present the interim Budget for fiscal 2024-25 on February 1, Finance Minister Nirmala Sitharaman is anticipated to announce a series of measures aimed at boosting consumption, implementing reform policies for a fair playing field among #manufacturers, strategically allocating funds for #infrastructure development, and focusing on agriculture. - Key projections for the agrarian sector - Key expectations of #Energysector - Hopes for #greenenergy push, railway capex, GST rationalisation continue, says RPG Chairman Harsh Goenka - Centre should not cut #importduties on parts used in making #smartphones in Budget, says GTRI - Key projections for Infrastructure space allotment - A playback of Infrastructure allotments for FY 2023-24 Source - MONEY CONTROL Read more - https://lnkd.in/g5AvREmk
Budget 2024 Expectations LIVE Updates: What is India anticipating from the interim budget?
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