Significance for the electric vehicle (EV) industry

Finance Minister Nirmala Sitharaman made the announcement when introducing the Union Budget 2023, making electric vehicles (EVs) more affordable in India by extending the subsidies on their batteries. Green Growth was included as one of the top 7 priorities in the Union Budget 2023. The Pro-EV budget focuses on crucial efforts like cutting the customs duty on lithium batteries from 21% to 13%.

The budget is seen as an important step towards India's transition to the electrification of its transport sector. The budget has announced several measures to encourage the adoption of electric vehicles (EVs).

That’s not all. As per the 2023 Economic Survey, India's domestic electric vehicle market would increase at a CAGR of 49% from 2022 to 2030, with annual sales reaching around ten million units by the end of 2030. Furthermore, the EV sector will provide approximately 50 million related and indirect employment by 2030.
Apart from electric vehicles, we believe that there will be significant opportunities to invest across the value chain including component manufacturers, battery and battery management systems, and mobility services.

The Union Budget 2023 places a special focus on the car scrapping policy, giving sufficient cash to replace vehicles older than 15 years. Automobile makers applauded the move, which would present a big opportunity for fleet modernisation while significantly reducing fossil fuel usage. The goal is to eventually benefit the whole automobile industry ecosystem by increasing order volumes for primary electric vehicle equipment manufacturers, increasing output, and creating jobs.

EV & EVSE MSME Development Knowledge

EV EVSE Business Management for Entrepreneurs

India to become a manufacturing hub for electric vehicles in five years. Indian EV industry to represent Rs 500 billion opportunity by 2025.
This Techno Commercial knowledge: Throughout this session, AEVT bridges the needs of startups so that candidate can understand the technology from basic of EV to EVSE equipment like Lithium-ion battery, Battery pack assembly process, EV Motor, Charger, charging station development and all others parts/ equipment's calculation, selection, building a Legal Foundation, Understanding Finance Basics, Business Planning and Fundraising.

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