SMEV Urges to Bring EV Finances Under Priority Sector Lending

Share Us

632
SMEV Urges to Bring EV Finances Under Priority Sector Lending
22 Jan 2022
5 min read

News Synopsis

SMEV has urged that electric vehicles must be considered as priority lending by the government to accelerate their adoption along with allocating significant funds for research and development in a public-private partnership for the development of batteries. 

Society Of Manufacturers Of Electric Vehicles mentioned it in the budget wish list. It also asked for the amendment of the PLI scheme for automobile and auto components, saying that the current form has an unfair price disadvantage for small and medium-size EV makers in the industry.

SMEV has also said that the PLI scheme for Advanced Chemistry Cell (ACC) can also be amended to incentivise the R&D efforts and that the scheme only benefits large players and creates an unfair price disadvantage for small and medium-size EV players, who do not qualify for the incentives under the scheme because of their size, turnover, and backgrounds.

TWN Special