The Society of Indian Automobile Manufacturers (SIAM) on Friday urged the government to introduce incentives to boost electric vehicle (EV) adoption and additional benefits for vehicle scrapping in the forthcoming Budget.

SIAM President Vinod Aggarwal highlighted the need for a growth-oriented Budget with a significant focus on increased capital expenditure. He also called for the introduction of a policy akin to FAME 3 to further promote EVs, building on the success of existing schemes like the Production Linked Incentive (PLI) scheme.

“We are expecting that the government should come up with a FAME 3 like policy… good schemes like PLI are already in place, which we are sure will continue,” Aggarwal stated during a press conference.

Key Points:

• EV Incentives: SIAM requests government sops to encourage EV adoption.
• Vehicle Scrapping: Additional incentives proposed for scrapping old vehicles.
• Growth-Oriented Budget: Emphasis on greater allocation for capital expenditure.
• FAME 3 Policy: Call for a new policy to promote EVs, building on FAME 2 and PLI schemes.

SIAM’s proposals aim to enhance the auto industry’s growth while promoting sustainable practices and technological advancements.