Gunjan Malhotra, co-founder, Komaki Electric- Leading EV 2W &3W manufacturer
“India is progressing at a good pace towards EV adoption, with the help of transformative government policies like FAME II and now PM E-Drive. As we approach the Union Budget 2025, the automobile industry is expecting significant development in terms of tax incentives, EV infrastructure, and domestic battery manufacturing. Expanding green financing options and lowering interest rates on EV loans can significantly boost adoption and make it more accessible for both urban and rural consumers. Additionally, investing in research and development for advanced battery technologies will also be crucial for adding to the performance and credibility of electric vehicles. With the right support and incentives in place, India has the potential to become a global leader in the EV market. Additionally, the industry is also speculating GST parity of EV batteries for reducing rate from 18% to 5%, which can further contribute to affordability of the electric vehicles”.
Himanshu Arya, Founder & CEO, Luxury Cart- a one stop destination for pre-owned car owners
“The pre-owned car segment has seen a significant rise in demand and is growing at the faster pace then the new car market. The government is continuously supporting the automobile industry through various incentives and policies for new cars but the pre-owned cars as a segment hasn’t been the focus area.
This year the pre-owned car industry is hopeful about possible lowering of tax in the upcoming budget that could make pre-owned vehicles more accessible. The booming sector is also optimistic about supporting simple financing options from the banks with regulatory push, such as extended loan schemes and interest rate as competitive as new cars, specifically designed for pre-owned cars.
Additionally, the industry is expecting incentives to promote the pre-owned car industry as an organised, streamlined, and transparent segment. Encouraging EV resale initiatives and providing subsidies for refurbished EV batteries can also contribute to the government’s push for sustainable mobility in the segment. Overall, the industry is hoping for policies that will not only make it easier for people to purchase pre-owned vehicles but also encourage the adoption of more environmentally friendly options”.
Kunal Sethi, CEO of The Detailing Mafia—leading car Detailing Brand
“In the upcoming budget, the industry is eagerly anticipating crucial reforms that can unlock the true potential of the sector. The auto sector is awaiting simplification and rationalization of GST classifications for auto components. They are expecting a streamlined GST classifications to help create a more competitive environment for all stakeholders. Aimed at easing compliance and enhancing the efficiency of the sector, it will have a cascading effect on supply chain, including businesses where cost structures are influenced by the tax.
Likewise, in order to boost domestic manufacturing, Production Linked Incentive (PLI) scheme with more transparency and accountability in the allocation of incentives is expected. Along with this, industry players are also looking forward to policies focused on addressing the challenges impeding the growth of the sector and more developments are expected, giving impetus to electric vehicles in the sector.”