Electric cars will be cheaper, Finance Minister gave good news!
Union Finance minister Nirmala Sitharaman presented the budget in parliament today on Saturday, 1 february 2025. Even before the budget came, prime minister Narendra Modi said that this time the budget is the budget of the common man. Budget 2025 has also brought a big gift for the auto industry. It has been announced in this budget that electric cars will be made cheaper.
Electric cars will become cheaper
The government of india has been emphasizing on the use of electric cars for a long time. Along with this, subsidy is also being given on the purchase of electric vehicles. Now the Finance minister has also announced in this time's budget that electric cars will be made even cheaper than before. The Finance minister announced that huge discounts will be given on the production of lithium batteries and related sectors. With this, the government wants to promote local manufacturing. Also, the government aims to reduce the increasing dependence on foreign countries for lithium batteries.
Basic custom duty removed
The government of india has also completely removed the basic custom duty on many essential materials like cobalt, lithium ion battery scrap, lead, zinc and 12 other minerals. All these materials are used in the manufacture of batteries, semiconductors and renewable energy equipment. The removal of basic custom duty (BCD) on these materials will promote electric vehicles as well as clean energy and electronics manufacturing. 35 additional items used in the manufacture of electric vehicles have also been made duty free. Along with this, 28 items used in the manufacturing of mobile phone batteries have also been made duty free.
What will be the effect of the government's decision?
With this important decision of the government of india, batteries used for electric vehicles will be available at a cheaper price. The production cost of electric vehicles will be reduced and domestic manufacturing will also be promoted. With lithium ion batteries becoming cheaper, India's dependence on many countries including china will also reduce.
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