CA Samkit Shah: A New- Age Chartered Accountant Refurbishing E-Mobility Domain | CEOInsights Vendor
CA Samkit Shah: A New- Age Chartered Accountant Refurbishing E-Mobility Domain

CA Samkit Shah: A New- Age Chartered Accountant Refurbishing E-Mobility Domain

CA Samkit Shah,Co-Founder

CA Samkit Shah


As the global automotive industry is experiencing a paradigm shift while trying to redirect the world to less energy intensive options, India is also investing in this electric power driven mobility shift. Regarded as the fifth largest in the world, the Indian automotive industry is gearing up to grab the third position by 2030. The rising fuel prices and the climate change are impacting and encouraging India's recent strategies to catalyze its transition to e-mobility. Apart from strong FDI in flow, novel manufacturing hubs and increased compulsion to contemporize the available infrastructure, the electric vehicle (EV) industry in India also owes to crucial factors such as government subsidies, guidelines favoring profound concessions for India made two wheeler electric vehicles and the intensifying demand for localized ACC battery storage production. Marking its prominence prolifically across the EV market, India stands benefited by the virtue of relative abundance of renewable energy resources and accessi bility of skilled manpower across the technology as well as manufacturing arena.

In this highly technology oriented domain, Jitendra New EV Tech has emerged as an eminent and distinguished venture from the house of Shah Group to contribute to the future of mobility. Envisioning to make smarter electrical vehicles for smart cities in India and assist the new generation to fulfil their dream of green India by owning an eco friendly vehicle, Jitendra New EV Tech is a new age manufac turing firm that was incepted as an R&D Project for Alternate Fuel Powered vehicles by the Shah Group. Mr. Jitendra Shah is a third generation entrepreneur of the enterprising and growth driven Shah Group. He along with his son CA Samkit Shah is currently engaged in introducing alternate fuel mobility solutions across the Indian market, where innovative R&D projects are being under taken with alternate energy sources like hydrozoan fuel cell, Lead Acid, LI battery packs, investment in controller technology and other new EV technologies.

The excerpts of the interaction with CA Samkit Shah are mentioned below.

What inspired you to co-found Jitendra New EV Tech? What strategic guidance and direction do you give to the board to ensure that the firm meets its vision and mission?
My family has been doing business across the automobile sector for the last 40 years, and from my very childhood, I was fascinated by automobiles which catapulted my journey as a fourth gen entrepreneur. Since my grandfather was also a chartered accountant, I decided to become a CA and start a business in auto mobiles just like him. Encouraged by my father, Jitendra Shah, who is passionate about doing something out of the box, we conjointly decided to launch Jitendra New EV Tech in 2016 owing to our decades long experience in the automobile arena. On boarding a team of young people where the average age is 26, we are all passionate and work together to achieve our company objective. Being a board member and a qualified chartered accountant, I remain focused on costing parameters and strategize on cost effectively delivering the products.
How do you leverage your experience to chalk out innovative ideas for your business operation? Operating in this niche industry driven by advanced technologies, what has been the biggest challenge of your profes sional journey?
Working on the financial aspect of the firm, my role is to maintain the monetary discip line in the organization, uphold the proper and cost effective supply chain and reduce the inventory border on the company. Following the Kaizen strategy of working, my responsibility towards the company also encompasses introducing new working models for our team which can give better and quality products to the customer.

Being a board member and a qualified chartered accountant, i remain focused on costing parametersand strategize on delivering the products in a cost-effec tive manner

Although, we were facing many challenges earlier across the automobile industry such as the right selection of batteries, power trains, products, and so on due to the technological advancements we are currently experiencing a completely new era of the automobile industry. Presently, we have hired some consultants with us and adequately empowered our board members to handle this problem accurately.

Since E-vehicles are yet to make a significant impact on Indian consumers, what strategies are you implementing to get a stronger hold over the Indian market?
E-vehicles are already making a significant impact on the Indian consumer because day by day the fuel cost is rising. Creating an impact over the Indian consumers to save the fuel costs, who have understood that the better alternative of fuel vehicles are electric vehicles, the EV market is yet to envisage its escalation to the fullest in India.

Close to 20 million new vehicles are being sold every year in India along with 35 million vehicles in the second hand market, implying there is a huge untapped market for electric vehicles. As people are gradually shifting from petrol vehicles to electric vehicles, we are implementing some strategies to strengthen the Indian market like penetrating rural areas more than the city areas. With limited petrol pumps, the total population of India is 70 percent around the rural market and our strategy is to capture those markets first.

Contributing towards the safety of the environment, unlike the petrol vehicles that play a major role in polluting the environment, e-vehicles don't exhaust toxic air. Apart from saving the environment, these vehicles are noise free and take us one step closer to eradicating noise pollution and saving the environment.

How has Covid-19 impacted the Renewable Energy industry? What are the major hurdles witnessed by Jitendra New EV Tech due to the pandemic and how did you manage to overcome them?
In my opinion, COVID-19 impacted the renewable energy industry in a positive manner as it compelled people to buy personal vehicles rather than using public transportation. Going for cheaper options, they approach the second hand market, where the running cost of the vehicle is high in the fuel category vehicle. Shif ting people's focus towards electric vehicles, COVID-19 has impacted the EV sector advantageously.

However, one of the major challenges we faced and are still facing due to the pandemic induced lockdowns is the discontinuations in our supply chain. So, now we have decided to make multiple web applications to ensure that we can deliver what ever we have committed to our custo mers in a specific manner.

How is Jitendra New EV Tech currently positioned across the e-vehicle sector? What unique benefits can be expected from Jitendra New EV Tech in the future?
Our vehicles are eligible for various central and state subsidies in India which directly benefit our customers and dealers. We are one amongst the six or seven manufacturers in India who have the central government subsidy. Starting five years ago, currently we are positioned under the top 10 EV manufacturers. We have central government subsidies along with various state government subsidies for our products, which is a unique aspect for us. So, when compared to other competitors, our products have a reasonable rate with higher specifications. As the co-founder of the company, this is a major satis faction as well as a milestone for me and my company. As an individual, I'm happy to contribute advantageously towards the budding EV sector of India as the co-founder of Jitendra new EV Tech. Jitendra New EV Tech is popular among fleet operators and big corporate companies by providing steady and powerful vehicles.

Our future plan is to become the number one EV player in India. We are planning to introduce new products with the help of the latest technology and yes, our inhouse, as well as our R&D team is working towards it. We are also trying to tie up with some European giants to make our dream come true. In the near future we are coming up with a few more scooter models with contemporary features, apart from e-motorcycling, which we will be ready by the next financial year.

CA Samkit Shah, Co-Founder, Jitendra New EV Tech
After completing his Masters of Commerce in Taxation and costing from Savitribai Phule Pune University, Samkit Shah went ahead to complete his Chartered Account ancy from The Institute of Chartered Accountants of India. Enabling him to envisage the different aspects of cost shifts across the financial discipline of his firm, Samkit's passion about Chartered Accountancy encouraged him to experiment with technology across the realm of accountancy. Samkit is currently leveraging his industry specific skills to lead his firm Jitendra New EV Tech to upsurge as an established brand across the electric vehicle market.

Hobbies:Playing cricket and Reading books
Favorite Cuisine:Mesal pav
Favorite Travel Destination:New Zealand
Awards & Recognition: International Products and Service award in 2019 and ABP News Brand experience award

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