Empowering India's future: A visionary budget for EV and solar industries

Authored by Raman Bhatia, Founder & Managing Director of Servotech Power Systems Ltd, this article shares his valuable insights about the EV and solar industry

EV Industry

Aatmanirbharta and Viksit Bharat took centre stage in the budget, epitomising a visionary approach to India's self-reliance and comprehensive development. The vision for an economically independent and developed India permeated every facet of the budget, showcasing a steadfast commitment to innovation, resilience, and transformative growth, positioning India as a global leader.

As a leading EV charger manufacturer, we applaud the strategic focus on the EV sector. The emphasis on creating business opportunities and generating employment marks a significant stride in accelerating sectoral growth. Government support for manufacturing and developing EV charging infrastructure provides a crucial impetus for establishing a robust and widespread charging network. The focus on deploying E-Buses in commercial spaces, facilitated by a secure payment mechanism, reflects a progressive approach that contributes to the overall advancement of the electric mobility ecosystem.

While we anticipated announcements on FAME-3 and the PLI scheme, we remain hopeful that the full-fledged budget will delve into these schemes in detail. We eagerly look forward to actively participating, leveraging our expertise to bolster the growth of the EV ecosystem and contribute to building a sustainable and efficient electric mobility infrastructure. Our optimism extends to the belief that the comprehensive budget will usher in opportunities fostering innovation and sustainability in the transportation sector, steering India closer to its vision of becoming an EV-powered nation.

Solar Industry

As a prominent solar manufacturer, we appreciate the Rooftop Solarisation plus Muft Bijli and are hopeful that this forward-thinking scheme is a groundbreaking effort to democratize access to solar power, making clean energy an integral part of everyday life. Our ethos centres around making solar energy not only environmentally friendly but also economically viable and we anticipate that this initiative will catalyse the transition towards renewable energy and provide a major breakthrough in the energy sector. While we were anticipating updates on GST for solar products, we look forward to the detailed budget for further insights.

The collective effort toward energy independence and a more sustainable future gives the much-needed impetus and instils a newfound motivation towards making India a green nation.  We are optimistic that the full-fledged budget will open new doors and provide a plethora of opportunities that will not only impact the communities nationwide, but contribute to a cleaner, greener, and more sustainable energy landscape.