Budget 2022: Loans for electric vehicles should be brought in priority sector landing, demand for SMEV

Budget Wishlist: To promote the purchase of electric vehicles, a lot of incentives are being given by the government at different levels. Although industry organizations
SMEV has demanded from Finance Minister Nirmala Sitharaman that the financing of electric vehicles should be brought under priority sector landing.

EV Sector Loan to be brought in Priority Sector Lending – SMEV
The government should bring the loans given to this sector under priority sector lending to promote electric vehicles rapidly. Also, adequate funds should be allocated for research and development in public-private partnership for the development of batteries. Industry organization Society of Manufacturers of Electric Vehicles (SMEV) said this in its budget demand letter on Thursday.

SMEV also said that there is a need to revise the Production Based Incentive (PLI) scheme for vehicles and auto parts, as in its present form, small and medium sized electric vehicle makers are suffering huge losses on the price front. Is. The organization said in a statement, “The government may keep the credit given to this sector in the priority sector to create a strong environment for Electric Vehicles (EV) and to promote the EV market. This will help the citizens at a lower interest rate.” Will help in buying EVs.”

Serious efforts have to be made for EV battery – SMEV
Emphasizing on research and development for battery manufacturing, SMEV said, “Unless we work seriously on EV batteries, our situation, if not very bad, will definitely become like dependence on crude oil.”

According to the organization’s statement, the current level of research is not solid. The government can allocate substantial funds for research and development in public-private partnerships for the development of EV batteries.

What is the schedule of budget session
The budget session will begin on January 31, on this day the President’s address will be for both the houses of the Parliament. The Economic Survey will be presented on the same day. After this, on the next day i.e. on January 1, Finance Minister Nirmala Sitharaman will present the budget for the financial year 2022-23 in Parliament.

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