Indian seed funding company Micelio expresses its hopes on Union Budget 2022
Micelio is a popular name in India’s EV space. The seed funding company has its focus on facilitating sustainable mobility and clean energy. It has invested in a number of EV startups and is readying to launch its first electric two-wheeler soon.
Micelio founder, Shreyas Shibulal, has expressed his hopes and expectations from the Union Budget 2022, slated to be announced on Feb 1. The startup seems to be highly hopeful and optimistic about budget 2022.
“The 2021 Budget introduced the much-awaited vehicle scrappage policy that not only helped in reducing vehicular pollution and oil imports but also aided EV adoption in the country. I hope that the 2022 budget prioritises EVs as major steps are still required to meet the government’s targets for EV usage by 2030. From the demand side that would include incentives to increase utilisation of funds under FAME II. However, I think the major focus should be on policies that encourage a robust domestic supply chain for EVs, from materials and components all the way to crucial subsystems and final assembly. Mostly, we are expecting the 2022 Budget will help turbocharge the electrification of mobility in India.”
India’s EV adoption was boosted greatly by the FAME II revision. We had seen many electric vehicles pop up after the same and the overall EV sales rocketing as well. The electric two-wheeler space has had the maximum engagement. However, a major challenge to the EV manufacturers today would be the domestic supply chain issues. We have recently seen more manufacturers turning to local procurement of EV parts and technologies, and this needs to be encouraged, and supply chain hurdles eliminated.
An engineer himself, Shreyas Shibulal is steering Micelio to the vibrant zones of the EV business. The company has plans of contributing extensively to the setting up of a proper EV ecosystem, funds of approx 150 cr for the research and development of electric vehicle technologies and related sub-systems, and a dedicated Design Studio for other startups to use for their EV designing and prototyping.
Micelio Mobility is also working on an electric two-wheeler for last-mile deliveries. The vehicle is claimed to be purpose-built and would break veils in the coming months.