Budget 2022: The Finance Minister in the country is presenting the Budget 2022 today, in which important decisions were announced for every industry. At the same time, there is a ray of hope for the electric vehicle segment of the country in this budget, as the Finance Minister said that the focus will be on more and more charging stations to make the use of EVs accessible.
Battery Swapping Policy will be launched
Finance Minister Nirmala Sitharaman has said that the Center will bring a new policy for battery swapping to promote the use of electric vehicles. Presenting the Union Budget 2022 in Parliament today, he also said that “the government will take initiatives to promote EV infrastructure and EV ecosystem to achieve its comprehensive decarbonization goals.”
Further, Finance Minister Nirmala Sitharaman informed that the focus will be on expanding EV infrastructure across the country, with more EV charging stations helping vehicle owners to move to electric cars without less worry of connectivity. India’s Reliance Industries and UK’s BP plc have formed a joint venture for battery swapping in the country, and Indian motorbike maker Hero MotoCorp and Taiwan’s Gogoro have done the same in this direction.
India poised to increase EV sales
India has set a target of 30 percent for private cars, 70 percent for commercial vehicles, 40 percent for buses and 80 percent of EV sales for two-wheelers and three-wheelers by 2030. In such a situation, this announcement for EV in Budget 2022 can expand in this area. It is worth noting here that the shares of Indian battery maker Amara Raja Batteries and Exide Industries rose 2% after the budget announcement. Finance Minister Nirmala Sitharaman said that her budget for 2022/2023 will lay the foundation for economic growth through public investment.