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Business EconomyPosted at: Jan 16 2019 1:41PM


Union budget 2019 to create positive environment for EV industry : CEO

Hyderabad, Jan 16 (UNI) The Lohia Auto Industries is pinning hope on the Union Budget 2019 as it will uplift consumer sentiment and infuse positive environment for auto industry including the Electric Vehicles (EVs), its CEO Ayush Lohia said on Wednesday.

In a statement here, Mr Ayush said Automobile industry players are working towards extension of the incentive scheme for electric mobility under the Faster Adoption and Manufacturing of Hybrid and Electric vehicles in (FAME).

The industry is hoping for a positive response im the union budget with a minimum 10 years extension therefore making it long term. This extension will lead to achieving India’s electric vehicle target which in turn will undoubtedly help in reviving of the industry, he said.

Also incentives Under FAME Policy should include all electric vehicles and not limit incentives to only Advanced Batteries like Li batteries.

We are positive that the next budget will include Lead Acid Batteries in two-wheelers and three-wheelers and not limited to registered vehicles only like in Electric 2 Wheelers as 250 Watts Incentives have been withdrawn on vehicles where registration is not required, the CEO said.

In addition GST on all categories of EVs including batteries should not to Exceed 5 percent with Input Tax Credit availability, he said there should be ease of Retail Finance Availability under Priority Lending like in Agriculture not only from Nationalised Banks but also through NBFC and Private Banks.

In the Budget, we are also hoping that Retail Finance with Margin Money will not exceed 10 per cent and Sub vented Rate of Interest should be kept maximum 5 per cent ROI on all Commercial Vehicles including 3 wheelers, he said.

Lastly there should be scrap Incentive on all passenger and Commercial Vehicles under seven years, Mr Ayush added.
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