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Jayant Mundhra

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Dexter Capital Advisors • 4d

I get that Chinese EV makers have received a lot of subsidies from the Govt there 🙏🙏 But, I don’t get why people think that Indian Govt is not raining money on Indian players. .. In February, Tata Motors CFO P Balaji publicly stated that in FY25, Govt’s PLI incentives would be the biggest source of earnings for the company’s EV unit. That’s not a joke. This is a serious amount of money that we are talking about 😅 And mind it, apart from this, the Govt is also raining >Rs 19k crore on cell manufacturing. And on varied EV components manufacturing. All combined, PLI benefits alone total up to >Rs 45k crore. That’s ~$6bn! .. Plus, the 5% GST rate versus ~43% tax (28% GST + Cess) on all other vehicles 🙏🙏 That’s effectively a 37% tax cut on the purchaser’s end on the car that the Govt is giving EV makers versus all other cars - petrol, diesel, CNG, hybrids etc. And it’s all on top of ~Rs 15k crore the Govt has invested in incentivising EVs via the two FAME schemes. .. We are talking about thousands of crores in incentives every year, in all forms aforementioned combined 🙏🙏 So why is the narrative that China helps its automakers with big subsidies and the Indian Govt doesn’t? Based on the aforementioned numbers and facts which are all publicly verifiable, I don’t think that narrative holds merit. What do you think?

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