‘Budget a pleasant surprise for EV industry’

Indian budget 2019 has come as a pleasant surprise for the EV industry as the announcements were more than what we expected, said N Nagasatyam, Executive Director, Olectra Greentech.

“Initially, there were doubts in the minds of investors about the intentions of the Government in terms of the EV industry, but the announcements made in the current year’s budget have definitely quelled their doubts. Also, the government has shown its commitment by making it amply clear that EV manufacturing is the next big thing in its vision. Now, it is the responsibility of the industry to rise to the expectations of the Government and work towards more localization. An income tax deduction of INR 1.5 Lacs on interest paid for buying an EV will certainly encourage the public and we will see a surge in the EV adoption,” he said.

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