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Key Pointers From Union Budget 2019 For The Indian Auto Industry

The positive intent of the government in pushing the e-mobility revolution in India is evident from the Finance Minister’s Speech.

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Finance Minister - Nirmala Sitaraman

Finance Minister Nirmala Sitharaman presented the maiden budget of the Narendra Modi 2.0 government in the Lok Sabha on Friday. “Gaon, Garib and Kisan “ is at the center of all policies of this government. But we are more interested in “Gaddi” (Vehicles) and here is what the Finance Minister proposed for the Indian Auto Industry.

  • The Government has already moved the GST council to lower the GST rate on electric vehicles (EV) from 12% to 5%.
  • Govt will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs.
  • Increase in special additional excise duty and road and infrastructure cess each one by 1 rupee a liter on petrol and diesel.
  • An outlay of Rs. 10,000 crore for 3 years approved for Phase-II of FAME Scheme.
  • Upfront incentive proposed on purchase and charging infrastructure, to encourage faster adoption of Electric Vehicles.
  • Only advanced-battery-operated and registered e-vehicles to be incentivized under FAME Scheme.
  • Customs duty exempted on certain parts of electric vehicles.
  • India to make the Global hub of manufacturing of the electric vehicle.

The positive intent of the government in pushing the e-mobility revolution in India is evident from the Finance Minister’s Speech.




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