Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
Union Budget 2019-07-05

5 Reasons Why You Should Invest in Electric Vehicle Franchise Right Away!

India’s first women finance minister, Nirmala Sitharaman, in her maiden budget, has announced that the government will focus on encouraging faster development of the electric vehicle

By Content Writer
5 Reasons Why You Should Invest in Electric Vehicle Franchise Right Away!

If you’ve watched the movie Ironman, you must be well familiar with Tony Stark’s famous Audi e-Tron, a fully electric car with amazing speed. We all must have wanted to ride that car at some point.

However, a fast-moving and affordable electric vehicle was a far-fetched dream and seemed too good to be true. But, it looks like we will soon be able to see quite a lot of them on the Indian road, at least that’s what the Union Budget of 2019 suggests.

Automotive industry globally is at the cusp of a major transformation. India’s vehicle market has grown by leaps and bounds due to economic liberalisation, with the electric vehicle being in the spotlight.

Environment pollution is increasing day by day, and with the growing number of vehicles on Indian streets is adding to it. The transportation sector is one of the major contributors to CO2 emissions. India’s greenhouse emissions have grown faster than the country’s population. Therefore, there is an onus to combat climate change by building sustainable smart cities.

The Government of India has been taking concrete steps in addressing climate change by promoting the Electric Vehicles Industry.

India’s first women finance minister, Nirmala Sitharaman, in her maiden budget, has announced that the government will focus on encouraging faster development of the electric vehicle. The government, in the union budget, has allocated Rs 10,000 crore for faster adoption of electric vehicles and has announced upfront incentives for electric vehicles. This will help attract investment for manufacture and ensure clean energy over time.

Below are the following reasons why it’s the best time to invest in an electric vehicle (EV) franchise.  

Tax Deduction Incentives

To make EVs more affordable for consumers, the government will provide an additional income tax deduction of Rs. 1.5 lakhs on the interest paid on the loans takes to purchase EVs. Also, the GST on electric vehicles has been reduced to 12% to 5%.

Thus, increasing the demand for electric vehicles, providing a profitable opportunity to EV franchises.

Lower Custom Duty

In the interim budget, the government slashed down custom prices on electric vehicles, to 10-15% from 15-30%, making it more attractive to ship eco-friendly vehicles into the country. The lower duty is expected to encourage automobile companies to enter India and assemble EVs in the country.

Making India the Hub for EVs

The government is focusing on EVs as it holds tremendous potential, not only because it is environment-friendly, but also because India can emerge as a hub of manufacturing which will generate employment and growth opportunities.

According to the economic survey tabled in parliament by the Finance minister, it may not be unrealistic to visualize one of India’s cities becoming the Detroit of the environmentally friendly vehicles in the future.

“For that to happen, appropriate policy measures are needed to lower the overall lifetime ownership costs of EVs and make them an attractive alternative to conventional vehicles for all consumers,” it added.

Increased Availability of charging spots

The survey highlighted that the market share of electric cars in India was only 0.06%, compared to about 2% in China and around 39% in Norway. One of the major reasons behind the lower adoption of EVs is the limited availability of charging infrastructure. It also noted that the long time taken for completely charging EVs was another hindrance to popularising the vehicles.

The survey also stated that access to battery charging facilities must be fostered to increase the market share of EVs. It, therefore, becomes important that adequate charging stations are made available throughout the road networks.

Thus, the government is going to come up with universal charging standards for the country as a whole to enable increased investment in the creation of such infrastructure.

Electrifying India by 2030

The Niti Aayog has recently moved a note to the Finance Ministry calling for the scrapping of all fossil fuel based vehicles by 2030. Earlier, NITI Aayog made a proposal that only electric three-wheelers will be sold from April 2023. The decision has been made with the purpose of reducing carbon footprint and air pollution generated by fuel-driven vehicles

This switch to the electric mode is going to accelerate the demand for electric vehicles and thus providing a huge opportunity for EV franchises.

 

Comment
image
image
image
image
Sandipkumar Patel : 05, Jul 2019 at 11:34 PM
I am intersted in four hybrid-electric wheeler franchisee..
Rajendra. v : 06, Jul 2019 at 12:36 PM
Gud for upcoming future invest plan
Ajay patel : 06, Jul 2019 at 04:40 PM
Ev charger,vehicle,etc
Halley Linggi : 06, Jul 2019 at 07:17 PM
I am interested in EVs franchise kindly inform me in details
Darpan Vashi : 06, Jul 2019 at 07:38 PM
Inquire
DHARMALINGAM : 06, Jul 2019 at 07:55 PM
Yes sir
praveen bereddy : 08, Jul 2019 at 08:11 PM
Need more details on this project
praveen bereddy : 08, Jul 2019 at 08:11 PM
Need more details on this project
Anand : 08, Jul 2019 at 10:59 PM
Interested
Kartik Kaushik : 08, Jul 2019 at 11:06 PM
Interested in EV dealership as well as charging point for EVs
Mushtaq Ahmed dar : 09, Jul 2019 at 07:17 AM
I want franchise
Meera V : 09, Jul 2019 at 07:41 AM
Interested
Valmik : 09, Jul 2019 at 08:30 AM
ev sector
Ajay chandani : 09, Jul 2019 at 09:00 AM
I am interested in E V franchise.pls send details
JOHNY KOIKARA PAUL : 09, Jul 2019 at 10:47 AM
Interested Send me the details
Him : 09, Jul 2019 at 11:00 AM
Want to buy franchise
Falvinder Singh : 09, Jul 2019 at 11:14 AM
I ma interested for franchise
Satyam Kumar : 09, Jul 2019 at 06:04 PM
I am interested hybrid electric franchise
Satyam Kumar : 09, Jul 2019 at 06:07 PM
I am interested hybrid electric franchise
r.c.sarkar : 09, Jul 2019 at 06:18 PM
want to start this business at bilaspur,chattishgarh.tell me details of infrastructure required ,capital investment and other necessary informations
bole shree : 13, Jul 2019 at 04:49 AM
Hi I'm interested plz send me details
SUMITH M K : 18, Jul 2019 at 10:05 AM
ITS INTERESTING HOW TO TAKE PLEASE SUGGEST
Related opportunities
  • Universities (including Overseas Franchises)
    About Us: TASA Asia provides Personalized Study Abroad & Vocations Abroad..
    Locations looking for expansion Maharashtra
    Establishment year 1990
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 750
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Skills / Personality Development
    About Us: Twin Win is a Delhi based Personality Transformation Organization..
    Locations looking for expansion Delhi
    Establishment year 2012
    Franchising Launch Date 2019
    Investment size Rs. 2lac - 5lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New Delhi Delhi
  • American Kidz, the pioneers in the field of Language training,..
    Locations looking for expansion Uttar Pardesh
    Establishment year 2009
    Franchising Launch Date 2010
    Investment size Rs. 2lac - 5lac
    Space required 1200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater MEERUT Uttar Pardesh
  • Water Treatment & Purification Services
    About Us: A Low Risk- High Return Opportunity  PANISA is an exclusive..
    Locations looking for expansion Delhi
    Establishment year 2003
    Franchising Launch Date 2019
    Investment size Rs. 5lac - 10lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts