EVs ready to fly, there’s no need for further subsidy: Piyush Goyal

India’s electric mobility space is “absolutely ready to fly” and there is no need for newer incentives or subsidies, Commerce Minister Piyush Goyal said Friday, after a meeting with officials from various ministries and stakeholders of the Indian EV ecosystem.

During the meeting, Piyush Goyal deliberated on EV adoption, expansion, and technology advancements, along with challenges and suggestions related to battery charging and swapping stations.

GST on electric vehicles has been reduced from 12 per cent to 5 per cent; GST on chargers/ charging stations for electric vehicles has been reduced from 18 per cent to 5 per cent, as an enabler for increased EV adoption in India.

He also reiterated government’s commitment to addressing these concerns and fostering swift adoption of EVs in India.

“After the interaction I can say that the electric mobility today is absolutely ready to fly. They do not need newer incentives or subsidies. The existing subsidies are available for some more time and will help them give that appropriate kick-start to the EV ecosystem. It’s a good economic case to move from ICE engine to electric engine,” Piyush Goyal told reporters.

He also encouraged commercial establishments, office complexes, to have electric charging equipment.

“We want that awareness to be created. I’ve suggested to them that, as an industry body, collectively, they should run a campaign both to make people aware of the benefits of electric mobility for sustainability and the pollution problems that cities face,” the minister told reporters.

During the meeting, safety standards were also discussed.

“The area we focused was on safety standards. The BIS has already notified it for three-wheelers and four-wheeler. Now they have to notify it for two-wheelers. They have already released the draft standard,” the Minister said.

The Minister asked all the auto companies to come back with their comments by Monday latest. The battery swapping companies have also been advised to come back with their comments, so that also can be notified.

On battery swapping, the minister was of the view it should be left to the consumer.

“It’s a choice of the consumer. Smart consumers will make smart choices,” he added.

Battery swapping is an alternative to charging the electric vehicle which involves exchanging discharged batteries for charged ones.