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For the purpose of making electric vehicles affordable for consumers, an additional income tax deduction of Rs. 1.5 Lakh on the interest paid has been provided by the government on the loans that have been taken to purchase the electric vehicles, according to the Budget 2019. Already the reduction of GST on electric vehicles from 12 per cent to 5 per cent has been announced. Initiatives have already been taken up by the Government to move the GST council so that the GST rate is lowered. This new approach by the Government is sure to benefit the consumers in a lot of ways which will be affecting the country’s economy as well on a much more positive note because it will raise more demands.
The Budget of 2019-20 has been presented already stating that the country’s GDP growth rate has been quite steady in the last five years. The Rs 10,000 crore for the FAME II scheme has already been approved by the Government on April 1st 2019. The main purpose behind this is to encourage faster adoption of electric vehicles. This will be achieved when the right incentives and charging infrastructures are provided for which the Government has already taken initiatives. According to the Finance Minister’s statement, a comprehensive restructuring of National Highways Programme will also be there. That is because it will ensure the creation of the National Highways Grid of desirable capacity.
The Economic Survey has been presented with a lot of hopes for the country’s economic future. The Finance Minister made it a very clear point to lay more focus on electric vehicles. It is because these are responsible for representing the next generation in sustainable mobility. Appropriate policy measures are also required for aiding this process as well as lowering the overall lifetime ownership costs so that it is made an attractive alternative to the consumers.
The FAME India scheme has been concluded on March 31, 2019. This is the second phase has laid down budgetary support of Rs. 10,000 over a period of three years. The second phase has aimed to provide support for 55,000 electric four-wheel passenger cars as well as 10 lakh electric two-wheelers. The present Union budget is quite a development and growth-oriented alongside being highly progressive. This will help to attract more investors for the manufacturers and also ensure clean energy over a considerable period of time. This will also encourage the development which will be good on the country’s economy. The main aim is to transform the nation into a global hub for innovation in this space. In this way, the Make in India initiative will also be strengthened.
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