TVS Motor Company Chairman Venu Srinivasan on Tuesday said the Union Budget's announcement of battery-swapping policy would be instrumental in supporting an efficient electric vehicle ecosystem.
He termed the budget, presented by Union Finance Minister Nirmala Sitharaman, sets the pace for the economy's growth trajectory amid the challenges faced due to COVID-19 pandemic.
"The big boost to capital expenditure is welcome and it would give a fillip to the Indian economy. For the automobile sector, we welcome the PM Gati Shakti Master Plan focusing on building world-class infrastructure and improved connectivity for commuters", Srinivasan said.
The strong push towards augmenting agricultural productivity should help enable buoyant rural demand, he said.
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"In the electric mobility space, we strongly support the measures undertaken by government to promote clean and green mobility, mainly introducing the battery-swapping policy (which) will be instrumental in supporting an efficient EV ecosystem", he said in a statement.
TVS Motor appreciates the vision of building a skilled ecosystem for youth in India, which would play a critical role in driving innovation in the industry, he said.
Sitharaman, in her budget speech, proposed the formulation of a battery swapping policy for EV charging stations.
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