Budget 2024: The Finance Minister of India, Nirmala Sitaraman has scheduled the Budget 2024 for February 1, 2024. The upcoming financial statement will work as a temporary financial statement that will guide the government in handling all finance-related matters until the new government is formed after the General Elections in 2024.
Indian EV sector is seeking new policies and positive changes in the existing policies. In this article, we have given all the policy changes that the Electric Vehicle Industry can expect from the budget 2024.
Subsidy Extensions
Promoting people to choose EVs over ICE vehicles. The government is expected to extend the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme which is set to expire in March 2024. The policy might be extended to further incentivize EV adoption.
Tax Relief
The government is also expected to make a considerable reduction in Goods and Services Tax (GST) rates on EV components, particularly batteries which could significantly lower vehicle costs and enhance affordability.
Charging Infrastructure Push
A big boost is expected for developing a robust charging infrastructure which includes public charging stations and battery-swapping facilities across the country.
Policy Framework
The Budget 2024 may arrive with a new comprehensive EV policy. The new and more comprehensive EV policy will address aspects like licensing, safety standards and insurance leading to a streamlined ecosystem.
Focus on Local Manufacturing
The Government is expected to consider appropriate measures aimed at attracting investments and encouraging domestic manufacturing of EV components and batteries could strengthen the supply chain and create jobs.
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