On Friday, Finance Minister Nirmala Sitharaman made major announcements to promote electric vehicles in the budget presented. In the Budget, the GST rate on electric vehicles was reduced from 12% to 5%. In addition, an additional income tax deduction of Rs 1.5 lakh will be available on the interest paid on the loan charged for buying electric vehicles. The move seeks to make electric vehicles affordable for the people.

Sitharaman also announced an incentive for electric vehicles and batteries to be used while presenting the budget on Friday. It will be available under the Incentive FAME II scheme (Faster Adaptation and Manufacturing of Hybrid and Electric Vehicles). Sitharaman said the Fame 2 scheme aims to promote the use of electric vehicles by the right incentives and charging infrastructure. Let us know the full details

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Ahead of the budget on Thursday, the Economic Survey said that better charging infrastructure is needed than the incentive provided to manufacturers and users to promote the use of electric vehicles. This is because the range of battery-run vehicles is lower than petrol-diesel trains.

The survey said it takes about one and a half hours for the electric car to charge with fast chargers, while it takes up to 8 hours for slow chargers to charge. This is an important policy issue. And there is a need to bring universal charging standard policy in the country. At the same time, there is a need to increase investment to build infrastructure.

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In addition, the survey stated that the battery is most essential for an electric car. Therefore, the development of suitable battery technology should be given utmost importance, which can be well below the high-temperature conditions in India.

A committee headed by NITI Aayog CEO Amitabh Kant has drawn up a blueprint for setting up rollout and battery manufacturing factories of electric vehicles in a phased manner. It will sell only electric three-wheelers from 2023 and only electric two-wheelers (with less than 150cc capacity) from 2025.

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