Union Budget 2024: A Mixed Bag for EV Makers and Buyers

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 The Union Budget 2024 has brought a mix of cheer and disappointment for electric vehicle (EV) manufacturers and buyers in India. While the budget has introduced some incentives to boost the adoption of EVs, it has also fallen short of expectations in some areas.

Incentives for EV Manufacturers

On the positive side, the budget has announced a reduction in the customs duty on lithium-ion batteries, which are a crucial component of EVs. This move is expected to make EVs more affordable and increase their adoption in the country. Additionally, the budget has also provided an outlay of Rs 2,700 crore for the development of EV infrastructure, which includes the setting up of charging stations and other supporting infrastructure.



Disappointment for EV Buyers

However, EV buyers have been left disappointed as the budget has not provided any direct incentives for them. There has been no reduction in the Goods and Services Tax (GST) on EVs, which is currently at 5%. Additionally, the budget has also not announced any increase in the subsidy for EV buyers, which was a key demand of the industry.

Industry Reaction

The industry has reacted with a mix of optimism and disappointment to the budget announcements. While EV manufacturers have welcomed the reduction in customs duty on lithium-ion batteries, they have expressed disappointment at the lack of direct incentives for EV buyers. "The reduction in customs duty on lithium-ion batteries is a positive move, but we were expecting more direct incentives for EV buyers," said a spokesperson for an EV manufacturer.

Way Forward

Despite the mixed bag of announcements, the industry remains optimistic about the growth of the EV sector in India. With the government's focus on increasing the adoption of EVs, the industry is expecting a significant growth in the coming years. "The budget announcements are a step in the right direction, and we are confident that the EV sector will continue to grow in the coming years," said an industry expert.

Overall, the Union Budget 2024 has brought a mix of cheer and disappointment for EV manufacturers and buyers in India. While the budget has introduced some incentives to boost the adoption of EVs, it has also fallen short of expectations in some areas.

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