Budget FY23: EV makers seek incentives for exports, PLIs to small players

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New Delhi, Jan 20 | The Society of Manufacturers of Electric Vehicles (SMEV) has requested the Centre to provide some incentives — in the form of subsidies — on exports of affordable small cars and scooters from India in the Union Budget FY23 to be tabled in the Parliament on February 1.

The electric mobility sector is a large space that Indian industries can capture before international players invade the market with “cheaper contraptions”, SMEV DG, Sohinder Gill, said.

These are part of SMEV’s pre-Budget recommendations to the Centre.

“Around the world, the craze for bigger SUVs and higher-powered motorcycles is slowly veining towards compact and smaller electric cars and scooters. Thus, wonders can be done in affordable small cars and scooters segment, just as they are in internal combustion engine vehicles,” Gill said.

Also, SMEV sought amendment in the PLI scheme by qualifying all MSMEs in the automobile and auto components making business.

“While the PLI scheme will certainly have incentives for the large players, it is also creating an unfair price disadvantage for small and medium-sized EV players in the industry who are not qualifying for the incentives under the aegis of the PLI scheme owing to their size, turnover and backgrounds,” Gill said.

Therefore, the society requested the Centre to create a “level playing field” so that MSME EV players — all the pre-existing and new players — can also participate.

Besides, to create a robust ecosystem for electric vehicles, the Centre could look at putting EVs in the priority lending sector which enable citizens afford EVs at lower interest rates.

The society also requested the Centre to allocate sufficient funds for R&D and skill development.

“Unless we work seriously and diligently on EV batteries, we will end up in a situation similar to, if not worse than, our dependence on crude oil. The current level of research is abysmally low, diluted, and scattered,” Gill added.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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