Budget 2025: Paving the Way for EV Adoption and Green Finance Initiatives
Team Udayavani, Jan 29, 2025, 4:55 PM IST
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As India accelerates its transition towards a sustainable future, the upcoming Union Budget presents a pivotal opportunity to bolster the electric vehicle (EV) ecosystem and promote green finance initiatives. Mr. Shalya Gupta, CEO of Credifin Limited, a company dedicated to serving underserved rural and semi-urban communities across 11 states and Union Territories, shares his expectations for the budget.
With a significant portion of Credifin’s revenue stemming from EV loans, Mr. Gupta emphasizes the need for a robust enabling ecosystem to drive EV adoption and address climate change concerns.
The Need for Green Finance Initiative
Climate change is one of the most pressing challenges of our time, and the finance sector has a critical role to play in mitigating its impact. Thus Mr. Gupta emphasised on the below-mentioned issues
• Green Bond Market Expansion: Policies to promote the issuance and adoption of green bonds for funding EV infrastructure and sustainable projects.
• Carbon Credit Trading Framework: Introduction of frameworks that reward companies investing in eco-friendly initiatives.
Incentivising EV purchase and cost of ownership:
The EV market in India is poised for exponential growth, but the initial cost of EVs remains a barrier for many consumers. To address this, we expect:
• Enhanced Subsidies: Expansion of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme to provide higher subsidies for both commercial and personal EVs.
• Tax Benefits: Additional tax rebates for customers availing EV loans to make ownership more affordable.
• Charging Infrastructure Investments: Increased allocation for developing EV charging infrastructure, especially in Tier-2 and Tier-3 cities, to boost consumer confidence in EV adoption.
• GST on Batteries: Reduction in GST rates for batteries used in Electric Vehicles to make EV ownership more economical and encourage their adoption.
• Fast Charging Infrastructure: Increased investment in fast-charging stations across urban and rural areas to support the rapid adoption of EVs and alleviate range anxiety among users.
• Affordable charging facilities: Offering incentives to lower the cost of charging infrastructure
Inputs from Mr. Shalya Gupta, CEO, Credifin Limited
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