The finance minister announced tax rebates of up to ₹1.5 lakh on interest paid on loans to buy EVs
The Union Budget for electric vehicles, India has joined governments in China and Europe that have backed the development of the nascent EV industry by offering extensive fiscal incentives and a favourable regulatory environment.
Finance minister Nirmala Sitharaman announced income tax rebates of up to ₹1.5 lakh to customers on interest paid on loans to buy electric vehicles, with a total exemption benefit of ₹2.5 lakh over the entire loan period.
India makes EVs cheaper
The global electric vehicles market is expanding, with countries like China, the United States and some members of the European Union leading the way.
Though with the rising price of petrol and diesel, it is also tough for some people of middle class to afford for EV. In order to eradicate such problems India hopes to get it cheaper so that the people can buy it without any hesitation.
Regarding its charging ports it is being decided that there would be charging stations at future residential homes and towers and also at petrol pumps, so that it doesn’t create certain problems.