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Slew of sops for shift to green mobility
The union government's proposal to exempt customs duty on the import of capital goods and machinery required for the production of lithium-ion batteries is a good sign to promote the EV industry in Telangana
Hyderabad: Sops announced to the Electric Vehicles (EV) industry in the union budget 2023-2024 will be a big push to promote the e-vehicles in the Telangana state. The state government already announced tax exemptions to those who buy the EVs and special incentives to the companies which come forward to set up electric vehicle production units in the state.
Officials of the state Industries department said that the centre has come forward to promote electric vehicle use in a big way by announcing tax exemptions. "The union government's proposal to exempt customs duty on the import of capital goods and machinery required for the production of lithium-ion batteries is a good sign to promote the EV industry in Telangana.
This move will fuel the development of the EV sector by allowing the establishment of battery production facilities within India which will contribute to sustainable mobility", the officials said.
Arun Sreyas, CEO & Co-Founder, RACEnergy said that "One of the key pillars of focus for the government, in the Budget 2023 has been 'Green Growth' and a vision to achieve zero carbon emission by 2070.
The move to introduce a Green Credit program, which will be notified under the Environment Protection Act, will be a game-changer in encouraging not only corporate organisations but individuals as well to adopt sustainable practices, including E-waste recycling and refurbishing. Hopefully, the new policy to replace old pollution-causing vehicles will pave the way for the formal recycling and efficient waste management of automobile parts thereby leading to job creation."
Techies and new generation students, who are pursuing the professional courses, said that the initiative taken by the centre to promote EVs was a long pending demand.
In view of increasing fuel prices, people mainly techies are waiting to buy two-wheeler EVs at affordable prices.
K Radhakrishna from a Hyderabad based software company said that he will buy electric two wheelers if they are priced at Rs 1 lakh. Currently, the famous EV companies were selling two wheelers at Rs 1.50 lakh and more in the market in the city.
