Union Budget 2024 Can Accelerate India’s Electric Vehicle Revolution

The forthcoming Union Budget 2024 is likely to introduce schemes and policies for ramping up India’s electric vehicle aspirations. With Narendra Modi’s government vision to target 30% sales of electric vehicles (EVs) by 2030, we can see various initiatives such as increased budget allocations for expanding EV infrastructure and extending subsidy schemes in the upcoming Union Budget 2024. India’s EV acceleration has been backed by the Faster Adoption and Manufacturing of Electric Vehicles (FAME) policy which could receive a budgetary allocation of about Rs 10,000 crore.

The new coalition government is likely considering allocating a larger fund for faster adoption of EVs in the main budget in July 2024, as per reports by the Economic Times. Recently, the stakeholders of the EV Industry and the Ministry of Heavy Industries proposed the extension of the EV subsidy scheme with a focus on public electric transportation and the expansion of charging stations.