India needs Elon Musk’s Tesla as well as local electric cars to compete⁠ — here’s what Finance Minister’s Budget 2021 may do

 India needs Elon Musk’s Tesla as well as local electric cars to compete⁠ — here’s what Finance Minister’s Budget 2021 may do

Opportunity For Everyone-

It’s an opportunity for an Indian Company to launch its electric car and competition with

a brand like Tesla (The biggest Name In Electric cars).

Elon Musk is expected to bring his electric car First Model “Tesla 3” to India in 2021, 14 years after its launch in the USA. He will be facing competition from Indian Brands like Mahindra Mahindra, Tata Motors, and Maruti Suzuki and even from some startups like Pravaig Dynamics and Tork Motors.

Mahindra and Mahindra have E Verito to have competition with and they are looking forward to launching 6 more cars in 2021 while Tata motors have Tigor Sedan, and Nexon Suv, and will be launching one of the most awaited cars Tata Nexon ev in 2021. And Martui is also looking to launch Wagonr in an electric version in 2021 and Hyundai will be launching its Electric car soon.

Local Cars in India will be giving tough competition to international companies like tesla and the Government of India is too helping them in every possible manner.

They have raised the Customs duty tax to raise support for Local companies and to extend their Policy Of Local For Vocal.

ELECTRIC VEHICLES NEED BETTER INFRASTRUCTURE

A lot of people are afraid of buying electric cars due to the less availability of charging stations.

The Finance Minister of India had set a target of 2600 charging stations in February 2020 (pre-Covid time) but due to Covid we are getting lagging behind have built around 650 charging stations in India and Hopefully, We will see an increase in charging stations.

FINANCIAL BUDGET AND ITS ROLE

Even in last year’s budget, ₹693 crores was allocated for this Programme. “Its implementation has been ineffective and appeared unaligned with the government’s ambitious EV goals. And, the industry would keenly await some long-term clarity and certainty in this area,” Suraj Ghosh, principal analyst at IHS Markit said.

Hopefully, India will see a significant increase in the budget for the auto sector which will be a positive sign, so now all eyes are set on the finance ministry and her budget on February 1.

Electric car makers, as well as investors, are waiting to see if she will entice foreign investors like Musk by promoting electric vehicles. At the same time, if the policies will help domestic players compete at the same level.