Union Budget 2023: Duty Exemption on Battery Cell Equipment to Reduce Prices of EVs

Delhi (India), 2nd Jan 2023: The Indian Union Budget for 2023 has received positive reactions from the electric vehicle (EV) industry amid govt’s announcement to exempt duty on battery cell equipment. The move is expected to reduce the prices of EVs and make them more affordable for the common man.

The Finance Minister, in her budget speech, stated that the duty exemption would encourage the manufacture of battery cells in India, reducing the country’s dependence on imports and boosting the ‘Make in India’ initiative. The duty exemption is expected to provide a fillip to the domestic production of battery cells, which are an essential component of EVs.

In addition to the duty exemption, the government also announced a new scheme to encourage the production of EVs in India. The scheme aims to provide financial support for the establishment of battery-making units in the country, and is expected to provide a major boost to the domestic production of EVs. The scheme is in line with the government’s vision of promoting clean and green mobility in India, and reducing the country’s dependence on fossil fuels.

The budget also announced measures aimed at improving the charging infrastructure for EVs in India. The government plans to set up charging stations across the country, making it easier for EV owners to recharge their vehicles. The measures are expected to provide a major boost to the adoption of EVs in the country, as charging infrastructure is a key factor in determining the popularity of EVs.

The EV industry has welcomed the measures announced in the budget, calling them a step in the right direction. Industry leaders have praised the government’s commitment to promoting clean and green mobility in India, and have expressed confidence that the measures announced in the budget will provide a major boost to the growth of the EV industry in the country.

In conclusion, the Indian Union Budget for 2023 has received positive reactions from the EV industry, with the duty exemption on battery cell equipment being seen as a major boost to the growth of the industry in the country. The government’s commitment to promoting clean and green mobility, improving the charging infrastructure and providing financial support for the establishment of battery-making units are expected to provide a major fillip to the growth of the EV industry in India.