Article link: Government
Rolls Out ₹10,900 Crore PM E-DRIVE Scheme to Push Electric Vehicles
Extract from the
article:
The article discusses the Government's initiative in launching the ₹10,900
Crore PM E-DRIVE Scheme to bolster the adoption of electric vehicles in the
country. This scheme aims to provide incentives and support to accelerate the
shift towards electric mobility.
By exempting corporate income tax on the revenue generated from the sale of
electric vehicles, imposing a favorable GST rate on electric vehicle sales
compared to petrol/diesel vehicles, and promoting the manufacturing of
India-made lithium-ion batteries, the scheme intends to create a conducive
environment for the electric vehicle industry to thrive and contribute towards
a greener future.
The program also mandates annual reporting by all auto manufacturers to the
Transport Ministry, showcasing the sales and revenue distribution between
electric and traditional vehicles. This move not only promotes transparency but
also underscores the government's commitment to monitor the progress and impact
of the scheme, ensuring accountability and effective implementation in the long
run.
My Take:
A. Fast
Forward in Fourth Gear
"In my blog post from 2017, I proposed an EVICT (Electric Vehicle
Incentive Corporate Tax) Scheme that mirrors the current government's strategy
to exempt corporate income tax on electric vehicle sales.
The foresight to incentivize electric vehicles through tax benefits aligns
with the ongoing efforts to boost eco-friendly transportation options."
B. NITI
Proposes, SIAM Postpones
"Back in 2017, I highlighted the importance of EVICT Scheme and
advocated for promoting the sale of India-manufactured lithium-ion batteries.
The current government's decision to exempt these batteries from corporate
income tax resonates with the long-term vision of nurturing a sustainable
electric vehicle ecosystem."
C. Electric
Vehicles: A Work in Progress?
"My analysis in 2019 emphasized the significance of bold reforms,
including corporate tax incentives for battery manufacturers and the
disincentivization of petrol/diesel vehicle production.
The recent PM E-DRIVE Scheme echoes the need for such measures, showcasing a
step towards realizing a comprehensive electric mobility framework."
Call to Action:
To the policymakers involved in the implementation of the PM E-DRIVE Scheme,
I urge a meticulous monitoring mechanism to evaluate the scheme's
effectiveness.
Regular assessment and feedback loops will be crucial in fine-tuning
policies, ensuring sustainable growth in the electric vehicle sector. Let's
embrace transparency and adaptability to drive the envisioned transformation
successfully.
With regards,
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