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