Budget 2022: India to introduce a new policy to promote battery swapping

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.

"Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said.

This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country.

Also read  | Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%

After the announcement was made, shares of several Indian battery makers surged by 2 per cent.

In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus.
Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App". 

The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution. 

(With inputs from agencies)