Will Budget 2020 rev up the auto sector and EVs in India?
Economists and market experts may argue that the automobile sector factors for a major chunk of the overall economy. However, 2019 will be remembered as its worst-ever year in the last two decades.
According to data by the Society of Indian Automobile Manufacturers (SIAM), the total passenger vehicle sales during 2019 declined by 12.75 percent to 29,62,052 units compared to 33,94,790 units a year ago.
On the other hand, the government has been stressing on the adoptability of electric vehicles, resulting in more than one million EVs hitting the road in India over the last two years.
Schemes such as Faster Adoption and Manufacture of Electric Vehicles (FAME) and a government nod for setting up 2,636 charging stations in 62 cities across 24 states and union territories also bolstered India’s EV growth.
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Indian startups and investors associated with the ecosystem are grappling with certain regulatory constraints. Think-tank iSPIRT makes suggestions on how Union Budget 2020 can help boost entrepreneurial activity in the country.
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