SIAM Advocates for EV Incentives and Increased Capital Expenditure in Upcoming Budget

The Society of Indian Automobile Manufacturers (SIAM) urges the government to introduce new incentives for electric vehicles (EVs) and vehicle scrapping in the upcoming Budget. SIAM highlights the importance of a growth-oriented Budget, focusing on greater capital expenditure, and calls for initiatives to boost the rural economy.

The Society of Indian Automobile Manufacturers (SIAM) has called on the government to introduce additional incentives for electric vehicles (EVs) and vehicle scrapping in the forthcoming Budget. The industry body emphasized the importance of a growth-oriented Budget with a significant focus on capital expenditure.

SIAM President Vinod Aggarwal remarked that policies like the FAME 3 (Faster Adoption and Manufacturing of Electric Vehicles) scheme would benefit the sector and urged the government to consider such initiatives. The FAME 3 scheme is anticipated to provide financial incentives for electric two-wheelers, three-wheelers, and government-owned buses.

Furthermore, Aggarwal highlighted the need for continued incentives to support the vehicle scrappage policy, which has yet to see significant impact. He also urged for greater focus on initiatives that boost the rural economy, which would positively affect the automotive and FMCG sectors. Finance Minister Nirmala Sitharaman is set to present the Budget for 2024-25 in the Lok Sabha on July 23.