"The proposal to lower GST rates on electric vehicle from 12 per cent to 5 per cent is a positive sign and we hope to see it implemented at the earliest", said Rahul Sharma, Founder, Revolt Intellicorp Pvt. Ltd.
Also to make electric vehicles affordable to consumers, the Union Budget says the government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles.
"We want lot develop India as a manufacturing hub for electric vehicles and want to encourage the purchase of these vehicles".
The government of India believes that the thrust laid down by Niti Aayog over electric vehicles is not unfounded. The Finance Minister also said the government has already approved Rs 10,000 crore for FAME-II scheme on April 1, 2019, to encourage faster adoption of EVs by providing right incentives and charging infrastructure. India will also set up mega manufacturing capacities for semi-conductors and lithium-ion batteries through competitive bidding. It will impact EV sales.
Adopting e-vehicles could also help in reducing emissions.
Currently, only 0.06 per cent of the total cars in India are electric while China has two per cent and Norway has 39 per cent, the Economic Survey said.
The message from the Union government to traditional manufacturers could be more profound as the incentives for electric vehicles was followed by the introduction of special additional excise duty and road and infrastructure cess each by one rupee a litre on petrol and diesel. With the steps unveiled in the budget, India has joined G-20 economies like China, France and the United Kingdom where regulations have been devised to push automakers towards electric and other electrified power trains.
"While these are good initiatives to give a push to adoption of electric mobility, there is still a gap in the price premium for electric vehicles, which can be gradually reduced through technology advancements and localisation in the manufacturing", said Pranavant, partner, Deloitte India, a professional services firm. In addition, their higher-intensity operations with light vehicles or trucks offer more savings-particularly in markets such as Singapore or Thailand where fuel costs are relatively high.
Mr. Mehta further asserted that it has now become imperative that the EV and EV component manufacturers chalk out plans that allow the industry to scale up and meet the demand for compelling products to boost EV sales. You can further help us by making a donation.
Shailesh Chandra, president, electric mobility business and corporate strategy at Tata Motors, said the incentives announced by the finance minister reinforces a strong commitment by the government to steer electrification on a faster trajectory.
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