KPMG organises TV panel discussion on the EV scenario in India
Global professional services firm KPMG is playing its part in the debate around electric vehicles (EV) currently prevalent in the Indian market. The consulting firm has collaborated with CNBC TV18 to organise a panel discussion on the topic, titled ‘Energy in new age mobility.’
Ahead of the budget speech due in a few weeks, a number of government targets are being examined in terms of the progress being made therein. The electrification of India’s private transport sector is high on the list of these targets, given the government’s ambitious goal of achieving 100% electrification by 2030.
Experts have anticipated substantial tax cuts on the import of un-assembled EVs in the budget in order to accelerate progress towards these goals, while simultaneously boosting the ‘Make in India’ goals. Nevertheless, the actual level of electrification by 2030 is anticipated to reach between 30% and 40%.
Big Four accounting and advisory firm KPMG has organised a TV panel discussion to raise awareness around the varying opinions on the issue amongst the various stakeholders involved. The discussion was organised in collaboration with CNBC TV18, and covered various aspects including infrastructure for EVs and the costs of batteries and other implements.
KPMG has previously offered its insights on the issue, placing the lack of adequate infrastructure and the costs of manufacturing as the most prominent barriers to electrification. Participants in the discussion saw greater investment as the best solution to this scenario.
Managing Director of Hero Eco Naveen Munjal said, “The whole supply chain in India has to be created and that goes right from the chargers, the batteries, etc., Everything has to be created. You have to invest and the market will follow. The battery prices are slated to come down to where we are in next 10 years.”
Representation for the government came in the form of advisor to the NITI Aayog Anil Srivastava, who indicated that the organisation had elaborate designs in place to develop the necessary infrastructure and predicted that the country would be manufacturing as many as 35 million EVs by 2030.
Partner & Lead of KPMG India’s Alternate Energies Practice Santosh Kamath said, “We need to address two things, first is the range anxiety problems, which means charging infrastructure. Second is to create a bit more of consumer awareness and we need to think of a non-fiscal incentives also, green number plates, ease of registration, and so on.”
