Mr. Anshul Gupta, Managing Director, Okaya Electric Vehicles said “The Union Budget 2023-24 is pro-development, with sustainable planning; energy transition for a cleaner tomorrow and inclusive growth through the tech-enabled economy at its core. Moreover, the impetus on the EV sector in the budget is quite encouraging for all Industry players. Drawing from its core, the decision to exempt Lithium-ion cells from custom duties for another year is a welcome move, as it majorly impacts the affordability of EVs in India. Furthermore, the viability gap funding announced to support the Battery Energy Storage Systems, along with a framework of Pumped Storage Projects, is designed to reduce the revenue required to recover costs and offer better returns, especially for the Private sector.”