Omega Seiki says government should categorise EVs in priority lending sector

Omega Seiki Mobility has also expressed hope that the Union Budget should include announcements related to lowering of GST rates on raw materials, esp
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A charging plug is connected to an electric vehicle at a charging station. (File photo used for representational purpose only) (Bloomberg)
A charging plug is connected to an electric vehicle at a charging station. (File photo used for representational purpose only)

Electric vehicle maker Omega Seiki Mobility (OSM) has said the government should consider categorising EVs in the priority lending sector to further strengthen the segment, besides export concessions, to help the manufacturers tap new markets.

In its pre-Budget expectations, OSM also expressed hope that the Union Budget includes announcements related to lowering of GST rates on raw materials, especially for the electric vehicle (EV) players.

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This played a key role in the progress of electrification of the domestic automotive sector. However, the financial year 2022-23 is the time to start firing on all cylinders, Omega Seiki said.

Also Read : Volvo Group India seeks moderate taxation regime for auto sector

"We are expecting Finance Minister Nirmala Sitharaman to usher in good news for the EV sector.

"To further strengthen the EV market, the government should consider categorising EVs in the priority lending sector. It will make EVs more affordable for the users and help in incentivising the whole transition," the company said.

File photo used for representational purpose only (Bloomberg)
File photo used for representational purpose only (Bloomberg)

It said that the revised guidelines issued by the power ministry to accelerate the e-mobility transition in the country show that the government recognises the importance of the EV sector's growth.

The company added that the guidelines are already emphasising on enabling faster adoption of EVs, providing affordable tariffs and promoting energy security that finally aims at reducing the emission intensity in India.

"As part of India's growing EV industry, we hope that the Union Budget includes lowering of GST rates on raw materials, especially for the EV players.

"Support for R&D (research and development) and indigenous technology development while lowering of GST on auto components should be on the top of FM's agenda list," said Omega Seiki Mobility Chairman and founder Uday Narang.

He further said allocating funds for the clean air campaign could be brought under the Swachh Bharat Mission to create better awareness and improve the adoption of electric mobility.

Export concessions can also be looked at to support the Indian EV manufacturers like OSM, it said, so that such companies can tap new markets, making India not just 'Aatmanirbhar' but a global powerhouse.

The EV sector is growing but it needs continuous support from the government via better policy curation and implementations, so that maximum benefits can be passed on to the end-users, the company added.

First Published Date: 26 Jan 2022, 10:37 AM IST
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