How the Union Budget 2022 Is a Booster For Electric Vehicles!

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how the budget 2022 affects the EVs

With the presentation of the Union Budget for 2022-23, the government has surely turned their heads towards Electric Vehicles. Though the automotive industry, in general, did not get any major news, the EV segment did get a lot of attention. Let’s see what the Union Budget 2022 has in mind for electric vehicles.

  1. Govt. to push development for EVs

Currently, there’s not much infrastructure for electric vehicles in India, and the government is aware of this. They plan on pushing the development of EV infrastructure and putting together more charging stations to encourage more people to make the switch to EVs. “The private sector will be encouraged to create clean and sustainable business models for battery and energy services, improving the overall efficiency of the system”, said FM Nirmala Sitharaman. She also hinted that there may soon be areas of Indian cities with a no-go for ICE vehicles. This will promote the use of public transport in Urban Areas.

According to a report by MoRTH, there are close to 10 Lakh EVs registered in India. However, only 1028 public charging stations have been installed. The Government, along with private players plan on changing this and increasing this number soon. This should help with the public’s apprehension of connectivity in an EV.

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  1. Battery Swapping

FM Sitharaman also introduced battery swapping as a sustainable solution to fast ‘refuelling’. If this comes into play, and it will, you could just ride up to a charging station, and replace your dead battery with a charged one! The details of this plan haven’t been declared yet.

20 Upcoming Electric Cars In India In 2022

So this was all about what the Union Budget 2022 has in mind for electric vehicles in India. The Government plans on replacing 30% of private, 70% of commercial, 40% of public transport and 80% of two-wheelers in India by electric vehicles. FM Sitharaman mentioned that these numbers will be achieved by 2030.