“We welcome the measures announced in the budget aimed towards promoting and faster deployment of EVs. The reduction of GST on EV's from 12% to 5%, exemption in customs duty on EV parts and additional income tax reduction of Rs 1.5 lakh on the interest paid on the loan to purchase these vehicles is a big push to make EVs affordable for the consumers. Additionally, the government’s approval of Rs 10,000 crore for the FAME II scheme in April this year is in line with their aim to make India the manufacturing hub for EVs and will be a great booster for the industry"
The author is Executive Director at JBM Group.
Published 05 July 2019, 14:22 IST