By Amit Gupta, CEO, Yulu Bike
“Union Budget 2022 has 3 key announcements related to the EV sector.
Standards for battery interoperability and recognition of business models like Battery-as-a-Service are much needed reforms. Yulu, as India’s largest ‘swappable battery’ operator with the largest shared EV fleet, looks forward to working with the Government & other EV players to strengthen the ecosystem.
Creation of special mobility zones for non-fossil fuel vehicles will help drive adoption of EVs in cities. Over the last 3 years Yulu has been working with several city authorities for the same, and we are glad that it has been formalised in this budget.
Increased outlay for FAME will incentivise shift to EVs and we are hopeful that the Ministry of Heavy Industries will expand the scheme to include Low Speed EVs which account for 90% of EV sales.
Access to affordable finance continues to be a challenge for the industry and we hope that there are some provisions in the budget to make EVs a priority lending sector.”
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